• 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. Today's price range of $57.30 and $57.90 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. 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.

In the past 52 weeks, shares of Analog Devices have traded between a low of $47.24 and a high of $68.97 and are now at $57.49, which is 22% above that low price. The 200-day and 50-day moving averages have moved 0.22% lower and 0.59% higher over the past week, respectively.

There is potential upside of 17.2% for shares of Analog Devices based on a current price of $57.49 and an average consensus analyst price target of $67.39. Analog Devices shares have support at the 50-day moving average (MA) of $57.43 and additional support at the 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.

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: bullish inside day candle Analog Devices

Ticker(s): ADI