ADI climbs to highest close since March 19th
Analog Devices, Inc. (ADI) Technical Analysis Report for Apr 16, 2018
ADI finished Monday at 93.14 gaining $0.36 (0.39%) on low volume. Today's closing price of 93.14 marks the highest close since March 19th. Trading $0.38 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 beyond 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.
Monday's trading range was $1.08 (1.16%), that's far below last trading month's daily average range of $2.36. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 91.20 and 93.60 which it has been in now for the last three days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to a key support level at 92.10. Prices are trading close to the key resistance level at 94.43. The share ran into sellers again today around 93.56 for the third trading day in a row after having found sellers at 93.60 in the previous session and at 93.24 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 93.60 where further buy stops could get activated. With prices trading close to this year's high at 97.87, upside momentum might speed up should the market be able to break out to new highs for the year. Further buying could move prices higher should the market test March's close-by high at 96.85.
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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