ADI pushes through key resistance level
Analog Devices Inc. (ADI) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ADI finished Thursday at 95.04 gaining $0.27 (0.28%). Today's closing price of 95.04 marks the highest close since April 17th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 94.80, the share confirms its breakout through the previous session's high having traded $0.37 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ADI as at May 17, 2018):
Thursday's trading range was $1.01 (1.07%), that's far below last trading month's daily average range of $1.69. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 95.01 today, it is now likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 98.38, upside momentum could accelerate should the market be able to break out to new highs for the year. Trading close to March's high at 96.85 we might see further upside momentum if potential buy stops at the level get triggered.