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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

Archive
- 7/5/2024 -
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Analog Devices (ADI) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range and Lane's Stochastic are overbought
Daily :Bearish Deliberation CandlestickStochastic signal line moved above oversold areaA Parabolic SAR indicator is below and near the pricePrice is near the Fibonacci 38.2% retracement levelThe price moved above the moving average in the center of the Bollinger Bands
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It was a first positive week after 3 consecutive negative weeks for the Analog Devices (ADI). During the week, the ADI gained 2.63 points, or 1.15%, and closed at 230.89 on Friday, July 5, 2024. It was the best weekly gain since May 24, 2024. Weekly volume was -37% below average.

ADI is a member of Information Technology Sector. Information Technology is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See ADI long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 133.48 and reached 241.88 on May 23, 2024. ADI gained -108.40 points, or -81.21%, in 84 weeks. The price is now at the 10.14% retracement level.

Medium-term trend: [See ADI medium-term trend chart]
A medium-term uptrend had started on January 4, 2024 at 181.81 and reached 241.88 on May 23, 2024. ADI gained -60.07 points, or -33.04%, in 20 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 187.37 and resistance is at 255.03. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See ADI weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since May 3, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See ADI short-term trend chart]
A short-term downtrend had started on May 23, 2024 at 241.88 and reached 223.92 on July 1, 2024. ADI lost 17.96 points, or 7.43%, in 39 days. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See ADI daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal.

The daily MACD line is below its signal line since June 7, 2024. This is an indication that the short-term trend is down.

A Parabolic SAR (stop and reversal) indicator (232.98) comes close to the price (230.89). It indicates that the trend is getting weaker. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Candlestick pattern: [See ADI candlestick chart pattern]
On Friday the chart has formed a Bearish Deliberation Candlestick pattern. This pattern occurs in an uptrend;it appears after a sustained upward move and suggests that the rally is losing strength and a reversal is possible. The reliability of the Bearish Deliberation pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bearish Deliberation Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 45.23
Williams' Percentage Range (W%R) 58.60
Lane's Stochastic (%D-Slow) 48.53
Greed/Fear Indicator (GFI) 45.04
Moving Average Converg./Diverg. (MACD) 2.41
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 70.78
Williams' Percentage Range (W%R) 18.70
Overbought
Lane's Stochastic (%D-Slow) 81.92
Overbought
Greed/Fear Indicator (GFI) 73.51
Moving Average Converg./Diverg. (MACD) 8.94
Trading Signals
Description Value Chart
Weekly Trendline Resistance 255.03
Upper Bollinger Band 236.41
Weekly Stochastic Crossing 234.39
Parabolic System 232.98
20 Day Moving Average 231.59
Price 230.89
Daily Stochastic Crossing 228.40
Lower Bollinger Band 221.74
50 Day Moving Average 221.53
Weekly Trendline Support 187.37
Sector and Industry
Description Name Rank
Sector Information Technology 9
Industry Semiconductors 97
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 241.88
High Date 05/23/2024
Low 223.92
Low Date 07/01/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 255.03
Support 187.37
Low 181.81
Low Date 01/04/2024
High 241.88
High Date 05/23/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 154.99
Low Date 10/30/2023
High 241.88
High Date 05/23/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 133.48
Low Date 10/13/2022
High 241.88
High Date 05/23/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 15.29
Low Date 12/05/2008
High 241.88
High Date 05/23/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.