Analog Devices Inc and Bank of Montreal: Technical Comments on Equities in Today’s News
Notable Stocks Add comments
Bank of Montreal (NYSE:BMO, TSE:BMO) – $50.99, $54.11Cdn.
News event: Reported higher than expected fiscal fourth quarter earnings.
Technical and seasonality comment: Bank of Montreal currently has a positive intermediate technical profile. Intermediate trend is up. The stock trades above its 50 and 200 day moving averages. MACD, RSI and Stochastics are short term overbought, but continue to trend higher. Seasonal influences are positive from October to December. A break above its four month trading range between $49.01 Cdn. and $54.66 Cdn. implies upside potential to $61.15 Cdn.
Chart courtesy of StockCharts.com www.stockcharts.com
Analog Devices Inc. (NYSE:ADI) – $29.63
News event: Forecasted a 20% increase in revenues from chip sales in Q1
Technical and seasonality comment: Analog Devices currently has a positive intermediate technical profile. News today prompted the stock to move above resistance at $29.71 and to re-establish an intermediate uptrend. The stock trades above its 50 and 200 day moving averages. MACD, RSI and Stochastics are short term overbought, but continue to trend higher. Seasonal influences are positive between October and mid January. Intermediate upside potential is to $35.
Chart courtesy of StockCharts.com www.stockcharts.com
S&P 500 equities that broke resistance this morning included Analog Devices Inc. (NYSE:ADI) – $29.63, Frontier Communications Corp (NYSE:FTR) – $7.80 and Verizon Communications Inc. (NYSE:VZ) – $31.73
S&P 500 equities that broke support this morning included Limited Brands, Inc. (NYSE:LTD) – $16.80 and Tenet Healthcare Corporation (NYSE:THC) – $5.08
A TSX Composite stock that broke resistance this morning was Detour Gold Corporation (PINK:DGCDF, TSE:DGC) – $15.60, $16.41 Cdn.
Don Vialoux
Director of the Canadian Society of Technical Analysts
Comments offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. An attempt to provide accurate data has been made, but accuracy is not guaranteed. Comments are from Don Vialoux and not from the Canadian Society of Technical Analysts.
Tags - Previous posts for stock ticker: ADI, BMO, DRGDF, FTR, LTD, THC, VZ
November 25th, 2009 at 2:59 pm
Don, I am trying to figure how to determine the upside potential of an equity in the absence of recent history. I therefore, would like to know how you determine the upside potential of BMO at $51.15. The closest I can get is to take a resistance level last December 1st. Is that correct?