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- 1 ADI stock has stuck in a range from the last trading sessions.
- 2 Bulls managed to hold the gains above 100-day EMA.
Analog Devices stock price showed a range-bound move and traded in a narrow range between the $160 to $190 band, but cannot retest $200.
Recently, ADI stock noted a gap-down when its quarterly numbers were released, and the stock retested a substantial support range of $160. Afterward, buyers showed their muscles and led a sharp recovery, and a bounce was noted. Moreover, the sharp move formed a rising channel, and the price is going upwards within it, forming higher highs and attaining a range near $185.
The earnings release of Q2 2023 showed a net income growth of 24.82% (YoY) and a revenue growth of 9.79% (YoY). Moreover, the earnings per share (EPS) noted an increase of 2.90%.
The ongoing price action shows that the price remains in bullish territory and waits for the range breakout. Although there is a substantial supply range, firm resistance was at $200, challenging buyers to escape the mark.
Analog Devices, Inc. (Analog Devices) is a semiconductor company. The Company designs, manufactures, and markets solutions, including integrated circuits (ICs), software, and subsystems that leverage analog, mixed-signal, and digital signal processing technologies.
Its products include Converters, Amplifiers/Radio Frequency and Microwave, Power Management and Reference, and Digital Signal Processing and System Products (DSPs).
At press time, ADI stock was trading at $185.94 with an intraday drop of 0.09%, showing a neutral move on the charts. However, the trading volume was 5.021 Million, gaining by 3% intraday. The market cap of ADI stock is at $94.058 Billion.
Daily Charts Shows Range Bound Move
Source: TradingView
On the daily charts, ADI stock maintains gains above the significant moving averages and stays in bullish territory. Moreover, the stock’s trajectory shows a substantial support range of $175 if it slips below in the following sessions. On the other hand, the resistance mark of $195 is the immediate hurdle for going upside.
Short Term Charts Shows Gains Slippling Away
Source: TradingView
On the 4-hour charts, Analog devices stock ( ADI ) formed a double top pattern and gave up the gains in the previous trading sessions. The fight between the bulls and bears is at an exciting stage, where both are maintaining their grip over the stock price, making the stock hang in a particular range.
The RSI curve dropped from the overbought range and struggled near the neutral range at 50, showing a negative crossover.
The MACD indicator also showed a negative outlook based on the bearish crossover noted in the last trading session.
Conclusion:
ADI stock is staying in the bullish territory but consolidating in a narrow range, waiting for a range breakout that can be registered in the upcoming sessions.
Technical Levels:
Support Levels:$175
Resistance Levels:$200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
