Autodesk is Near a Key Support Area

Published on Monday, 16 April 2012 09:24 Written by TradersHuddle Wire

New York, April 16th (TradersHuddle.com) - Shares of Autodesk, Inc. (NASDAQ:ADSK) are trading very close to calculated support at $39.33 with price action closing at just $41.25 and placing the stock near levels where traders will start paying attention.

Autodesk's stock range is defined by its calculated support defined at $39.33 and by the resistance level at $42.60, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.

Traders wanting to establish a position should pay close attention to Autodesk's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $42.60 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

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.