Autodesk near Support

Published on Wednesday, 01 February 2012 07:56 Written by Danny Miller

New York, February 1st (TradersHuddle.com) - Shares of Autodesk, Inc. (NASDAQ:ADSK) ended close to calculated support at $35.41 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

Autodesk's current stock range is defined by current calculated support defined at $35.41 and by the resistance level at $37.97, which could be used as a reference by traders planning their trades. The area defined as calculated support, is where buying might materialize, which could provide a lift to shares of Autodesk, Inc.. However, this area if breached will signal participants that the stock failed to entice buyers to step in and support the stock.

Traders wanting to establish a position should pay close attention to Autodesk's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $37.97 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of Autodesk, Inc. closed at $36.00 in the previous trading session.

Autodesk, Inc. (NASDAQ:ADSK) supplies two-dimensional and three-dimensional design software products that are used across industries and in the home for architectural design, mechanical design, geographic information systems and mapping, and visualization applications. Autodesk's software products are sold worldwide through a network of dealers and distributors. AutoCAD, the company's flagship product, aids design for 2D drafting and 3D visualization.