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Possible Bearish Inside Day Candle Pattern Detected for Analog Devices (NASDAQ:ADI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Analog Devices (NASDAQ:ADI) based on the price action in the company's shares. Today's price range of $94.03 and $95.10 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Analog Devices may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing. The Company's products are used in communications, computer, industrial, instrumentation, military, aerospace, automotive, and high-performance consumer electronics applications. Analog Devices sells its products worldwide.

In the past 52 weeks, Analog Devices share prices have been bracketed by a low of $52.17 and a high of $98.38 and are now at $94.58, 81% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.6%.

Potential upside of 8.1% exists for Analog Devices, based on a current level of $94.58 and analysts' average consensus price target of $102.22. The stock should find initial support at its 50-day moving average (MA) of $57.43 and further support at its 200-day MA of $56.63.

SmarTrend is monitoring the recent change of momentum in Analog Devices. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Analog Devices in search of a potential trend change.

Keywords: bearish inside day candle Analog Devices

Ticker(s): ADI