Electronics & Semiconductor Manufacturer, Analog Devices Inc.(ADI), has returned to the Green Favored Zone in the SIA S&P 500 Index back on July 29, 2022 at a price of $171.96. Today, the price of the shares are at $179.89 which is already representing an 4.6% return in a little over 2 weeks since entering the Favored Zone. Currently the shares occupy the 78th spot in the S&P 500 Index, up 119 spots in the past month.
In looking at the attached Candlestick chart, the shares found a bottom at approximately the $140.00 area back earlier in July successfully testing support which was where the shares also touched the $140.00 area back in March and May of 2021 .
Since June of this year, the shares have slowly trended higher, and we now see the shares approaching key resistance at the recent high of approximately $188.00. If it manages to break above the $188.00 area, next potential resistance can now be found at the $200 psychological level. Support can be found at previous resistance which is now new support at $170.00.
In the attached Point and Figure chart at a 2% scale, we see the shares bottomed out at approximately the $140.00 area. In the past month the shares reversed and itās approaching next resistance at the $188.77 price level. If the shares manage to break above this level, next resistance is at $208.41 based on a measured move.
Support can be found at the 3 box reversal which is $164.33 and, below that, $140.26 where it has successfully tested 3 times in the past 18 months.
With an SMAX of 9 out of 10, ADI is showing near term strength against all asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
