ADI - Descending TriangleThe $103.90 price range has been a good support line for the stock since February. The price broke down in May before regaining the line with the June rally.
The descending triangle pattern has been in place since mid-July. Another breakdown of the support line would trigger the pattern with a price target of around $82.
A1DI34 trade ideas
ADI breakout to the downside!!higher time frame is showing defined downtrend and exhibiting trend strength- using moving averages as dynamic resistance/
support
-intermediate timeframe shows trend alignment to the downside and price pull back to short term moving average
-looking for it trade to pivot low of 78.58 and breakout to the downside on intermediate timeframe
-on the shorter time frame- it is also showing trend alignment and favors a higher probability favoring the trend to the downside
-price is also pulling back to the .236 retracement level of 78.98..would look to initiate position in that area to the ride back down and setting a tight stop over 79.0x area
-as price resumes downtrend on the intermediate timeframe- it should also translate to the lower time frame and breakdown past the pivot low of 78.58 and along with increased selling pressure towards the path of least resistance to 74.7x area (.618 extension level)
ADI: Potential Bullish Setup, Low RSI Good Buy
My third post:
RSI < 40
Support of trendline
Potential Gartley Pattern setup.
If pattern completes, potential first target, 77.72.
I would enter long here despite gartley pattern not completing.
Hope you can give me some comments! would love some interaction!