ADI Hits Support on Point & Figure Chart

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

After plunging along with the market early this week, Analog Devices (ADI is trading at support from the early November lows. On this P&F chart, each box represents a quarter percent price change (.25%) and price data is based on the close every 30 minutes. Yes, this is an intraday P&F chart. Support, which is easy to identify on P&F charts, is holding for now and the Double Top breakout remains in play. A break below support would forge a Triple Bottom Breakdown and target lower prices. You can read more on P&F patterns in our ChartSchool.

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Arthur Hill
About The Author:

Arthur is Chief Technical Strategist at TrendInvestorPro.com. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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