Is Autodesk Expecting a Break Out?
Published on Friday, 22 June 2012 06:56 Written by TradersHuddle Wire
New York, June 22nd (TradersHuddle.com) - Autodesk, Inc. (NASDAQ:ADSK) closed the trading session at $33.05, near its 200 day moving average set at $34.51. Autodesk's stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.
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.
Latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $31.19 and resistance at $35.13. Traders should closely monitor these levels, as they provide great reference points for the latest price action in Autodesk.
If traders want to establish a position on Autodesk, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
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