Analog Devices Inc

ADI remains in a confirmed Stage 4 decline with medium-term bearish bias underscored by active Bearish Pivot Point and Support Failure patterns. Price trades below declining 9/21 EMAs without clear rejection, suggesting sustained downside control. We defer bearish entries, trimming into rallies back toward the EMAs. The long-term uptrend is intact above the 200 DMA, anchoring a structural bullish backdrop.

• ↑Q2 revenue reached $3.62B (+37% YoY) led by industrial and data center demand.
• ↑Gross margin at 73% (+360 bps YoY) and operating margin at 49% (+780 bps YoY).
• ↓Negative earnings yield and negative dividend yield highlight stretched valuation.