ADI fails to close above 200-day moving average
Analog Devices, Inc. (ADI) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, ADI ended the week -1.52% lower at 92.53 after edging higher $0.13 (0.14%) today. Trading $0.88 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $1.34 (1.45%), that's below last trading month's daily average range of $2.02. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average.
Unable to break through the key technical resistance level at 93.05, the share closed below it after spiking as high as 93.43 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 93.43 during the day, Analog Devices, found resistance at the 200-day moving average at 93.14.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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