ADI climbs to highest close since March 19th


Analog Devices, Inc. (ADI) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
ADI runs into sellers around 93.56 for the third day in a row
ADI closes below its opening price unable to hold early session gains
ADI rises to highest close since March 19th
ADI stuck within tight trading range
ADI closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 30% Bearish
Technical Forecast:
Overview

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.

Daily chart for ADI
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Analog Devices, Inc.
ConditionForecastDirectionWinAvgWorstBestEvents
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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