ANALOG DEVICES INC is setting up nicely for a breakout.

ANALOG DEVICES INC (ADI)       172.36   +0.89 (+0.52%)


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ANALOG DEVICES INC is setting up nicely for a breakout.7 days ago - Chartmill

Our stock screener has spotted ANALOG DEVICES INC (NASDAQ:ADI) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NASDAQ:ADI.

ADI Daily chart on 2023-01-25

What is the technical picture of NASDAQ:ADI telling us.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to ADI. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, ADI is only an average performer.

  • The long and short term trends are both positive. This is looking good!
  • ADI is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so ADI slightly outperforms the market at the moment.
  • In the last month ADI has a been trading in the 159.58 - 170.64 range, which is quite wide. It is currently trading near the high of this range.
  • Looking at the yearly performance, ADI did better than 84% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
  • ADI is part of the Semiconductors & Semiconductor Equipment industry. There are 107 other stocks in this industry, ADI did better than 57% of them.

How do we evaluate the setup for NASDAQ:ADI?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NASDAQ:ADI this score is currently 10:

ADI has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 171.91. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 167.64, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ADI in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NASDAQ:ADI

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NASDAQ:ADI and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout analyzer lists more breakout setups and is updated daily.

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