Analog Devices, Inc. (NASDAQ: $ADI)

Analog Devices, Inc. engages in the design, manufacture, and marketing of analog, mixed-signal, and digital signal processing integrated circuits (ICs) for use in industrial, automotive, consumer, and communication markets worldwide. It offers signal processing products that convert, condition, and process real-world phenomena, such as temperature, pressure, sound, light, speed, and motion into electrical signals. The company’s products include data converters, which translate real-world analog signals into digital data and translate digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.
Take a look at the 1-year chart of Analog (NASDAQ: ADI) below with my added notations:

ADI has created a common chart pattern known as a symmetrical triangle. Combining a down trending resistance (red) with an up trending support (green) forms the triangle pattern. As the support and resistance converge on each other the pattern is created. Since there is no true way to know which way the stock will break, most traders will wait for the breakout or breakdown before entering a trade.

The Tale of the Tape: ADI has formed a simple symmetrical triangle. A trader could enter a long position on a break above the down trending resistance (near $58) with a stop set under the entry level. However, if ADI were to break below the trend line support (currently near $53), a short trade could be entered with a stop above the trend line.