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May 31, 2006
ADI Nears Long-term Support
Analog Devices (ADI) has been range bound since August 2004 and is currently closing in on the lower end of this range. The stock bounced between 31 and 33 four times over the last two years. I will be watching for a reversal as the stock nears the support zone. This may come in the form of a hammer, harami, bullish engulfing of a gap up on big volume. Failure to hold support and a break below the 2005 lows would signal a continuation of the 2004 decline and this would be bearish for the Semiconductor group.
Posted by Arthur B. Hill at May 31, 2006 07:47 AM