• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Analog Devices (NYSE:ADI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Analog Devices (NYSE:ADI) based on the price action in the company's shares. Yesterday's price range of $92.58 and $94.17 is within the prior day'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. Traders and investors interested in shares of Analog Devices may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 0.9% exists for Analog Devices, based on a current level of $93.84 and analysts' average consensus price target of $94.69. 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.

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.

Over the past year, Analog Devices has traded in a range of $52.17 to $98.38 and closed yesterday at $93.84, 80% above that low. The 200-day and 50-day moving averages have moved 0.22% lower and 0.59% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Analog Devices on December 20th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $88.38. Since that recommendation, shares of Analog Devices have risen 6.2%. We continue to monitor ADI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Analog Devices

Ticker(s): ADI