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Will ANALOG DEVICES INC breakout?

By Mill Chart

Last update: Jan 30, 2023

A possible breakout setup was detected on ANALOG DEVICES INC (NASDAQ:ADI) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NASDAQ:ADI.

ADI Daily chart on 2023-01-30

Technical analysis of NASDAQ:ADI

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

Taking everything into account, ADI scores 8 out of 10 in our technical rating. Although ADI is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • 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 - 172.03 range, which is quite wide. It is currently trading near the high of this range.
  • When comparing the yearly performance of all stocks, we notice that ADI is one of the better performing stocks in the market, outperforming 84% of all stocks. However, this relatively good performance is mostly due to a recent big move.
  • ADI is an average performer in the Semiconductors & Semiconductor Equipment industry, it outperforms 57% of 107 stocks in the same industry.

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:ADI currently has a 10 as setup rating:

Besides having an excellent technical rating, ADI 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 167.87, 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. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade 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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ANALOG DEVICES INC

NASDAQ:ADI (3/28/2024, 10:52:03 AM)

197.4

+4.07 (+2.11%)

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