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Friday, April 18, 2008

"Analog Devices (ADI) Technical Analysis

Today we'll analyze the Stock ADI for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 31.56$ (04/10/08) to 29.85$ (04/14/08) a 1.71$ move
2- The current bullish trend started from 29.85$ at 04/14/08 and is currently trading at 31.44$.

3- The stock current support level is at 30.91 which is the 61.80% fibonacci retracement of the last 1.71$ move.
4- The stock current resistance level is at 31.56 which is the 100.00% fibonacci retracement of the last 1.71$ move.
5- According to ADX, the trend is currently bullish,which is becoming weaker.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Short term chart patterns :

6- The Stock was supported by a support line, identified by two points: 29.85 and 27.41, and is currently supporting at 30.1371.
Mid term chart patterns :

7- The Stock formed a 5.63$ height triangle which was broken up at 27.37 in higher than usual volume, target of the pattern is 33.
Long term chart patterns :

8- The Stock was resisted by a resistance line, identified by two points: 39.12 and 39.65, and is currently resisting at 36.6971.

Conclusion:
ADI was trading in a bullish wave, which is becoming weaker .
Technical indicators and chart patterns show highly volatile movements favoriting bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
.

Resistance Levels: 31.56, 31.94, 32.02, 32.03, 32.09, 32.62, 32.62, 32.65, 32.69, 33.00, 36.61, 36.70, 37.31, 37.57, 39.39.
Support Levels: 31.30, 31.06, 30.91, 30.83, 30.70, 30.65, 30.50, 30.46, 30.25, 30.14, 29.96, 29.85, 29.80, 27.25, 26.69,.


That's all for today ... thanks for reading the post,
come back soon for more updates,
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have a nice day,

Shadi
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We Moved!!!

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