By Mill Chart
Last update: Jan 26, 2023
ANALOG DEVICES INC (NASDAQ:ADI) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NASDAQ:ADI.
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.
Overall ADI gets a technical rating of 7 out of 10. 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.
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:
Besides having an excellent technical rating, ADI also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. 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 167.56, 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.
For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.
More breakout setups can be found in our Breakout analyzer.
ANALOG DEVICES INC
NASDAQ:ADI (4/18/2024, 7:00:00 PM)
After market: 186.01 -1.57 (-0.84%)187.58
-1.85 (-0.98%)
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