An ascending triangle pattern has emerged in the chart of Analog Devices (NASDAQ:). This is considered a bullish pattern. If the resistance level is broken, a breakout could soon occur. Read more to learn how to profit from this trade.An ascending triangle pattern has formed in the chart of Analog Devices, Inc. (ADI). This is a bullish pattern and if the resistance level is broken, a breakout could occur.
ADI is a leading analog, mixed signal, and digital signal processing chipmaker. The company has a significant market share lead in converter chips, which are used to translate analog signals to digital and vice versa.
The company is benefiting from strength in the electric vehicle space driven by its Battery Management System (BMS) solutions. Plus, the rising adoption of advanced radio systems in 5G is driving growth in the firm’s communication segment. Management is optimistic about growth opportunities in 5G.
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