Analog Devices (ADI) is still pointed higher on many charts and the recent breakout from a two-month triangle formation gives us an $80 price target. Any pullback from here should find support around $74.
Let's examine the charts and indicators below.
In this one-year daily bar chart of ADI, below, we can see a stair-step-like rally. A rally followed by a sideways trend followed by another step higher. Now look closer at the sideways periods. Notice how they are getting shorter? In my experience consolidations or sideways price action tends to get shorter as a stock rallies. Early in an advance it can take longer to acquire shares but as prices rise and volatility does too it can become easier to increase your position. Early in an advance you don't want to tip your hand. Later as the bull is firmly entrenched it doesn't matter.
ADI is above the rising 50-day moving average line and the rising 200-day moving average line. The On-Balance-Volume (OBV) line has been positive the past year and its uptrend tells us that buyers of ADI have been aggressive. The Moving Average Convergence Divergence (MACD) oscillator has recently turned up for a fresh outright go long signal.
In this weekly chart of ADI, below, we can see an important breakout at $70 -- the 2015 high area. ADI is trading above the rising 40-week moving average line. The weekly OBV line has been going up since June and the MACD oscillator has been bullish since then as well.
The Point and Figure chart, above, shows a recent upside breakout and a nearby price target of $80.