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).
Free Annual Reports
