Analog Devices Inc
As we mentioned on September 27, a well-formed descending triangle pattern has appeared on the chart of Analog Devices Inc (NYSE:ADI). As you can see from the chart below, this pattern is created by drawing one trendline that connects a series of lower highs and a second trendline that has historically acted as a strong level of support. This pattern has remained intact since our last report and a move below the support will still signal a pickup in downward momentum. If the bears are able to send the price below $35.30 then we'll maintain our target, which is currently set near the 161.8% Fibonacci extension level ($31.50).