Close to Key Levels: Autodesk
Published on Wednesday, 20 June 2012 07:44 Written by TradersHuddle Wire
New York, June 20th (TradersHuddle.com) - Autodesk, Inc. (NASDAQ:ADSK) closed the trading day at $34.64, near its 50 day and 200 day moving averages set at $35.89 and $34.43 respectively. Autodesk's price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals a possible break out.
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.
Autodesk seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.
A tiered approach, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in Autodesk and wait for the stock to break out above its 50 day moving average at $35.89. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $34.43 breaks, it could signal further downside pressure for Autodesk.
- AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
- AT&T 4G LTE Available In Willimantic
- AT&T 4G LTE Available In Torrington
- AT&T And The University Of Kansas Team Up To Enhance Wireless Coverage On Lawrence Campus
- AT&T 4G LTE Available In Fargo
- AT&T 4G LTE Available In Amarillo
- Benefitfocus Announces Pricing of Initial Public Offering
- Trends of China Gear Industry 2013 Analysis & Reviewed in New Research Report at RnRMarketResearch.com
- Product Launch Formula 4.0 Bonuses Total $5000 at BrianHanson.com
- Datex Presents Motorola Solutions Webinar “Is It ‘Smart’ to Use Smartphones for the Enterprise?”
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines