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Analog Devices Technical Analysis

Analog Devices, S&P500, Nasdaq, trading, stocks, equities

Analog Devices, S&P500, Nasdaq, trading, stocks, equitiesToday I want to analyse the Analog Devices (ticker: ADI) chart, I wish to say that I won't take into consideration the fundamental of the company. I will focus only on the technical aspects.

We have several patterns into the chart, as you can see in the figure below. First, the gap up (August 30) still open. It is reasonable to expect the closure of that gap in the coming weeks. Then, a Rising Wedge with the distance between support and resistance very narrow.

Analog Devices, S&P500, Nasdaq, Stocks, equitires

 

Again, it is present a bearish divergence between the price and the RSI indicator (that I have set at 7 periods). Finally, in last two days, it is completed a Dark Cloud Cover (Candlestick bearish pattern) by the book.

In conclusion, it is possible/likely that Analog Devices can have a bearish movement in next days, in particular, if the price breaks the Rising Wedge support.

 

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