Autodesk Is Close to Resistance
Published on Monday, 29 April 2013 09:36 Written by TradersHuddle Wire
New York, April 29th (TradersHuddle.com) - Shares of Autodesk, Inc. (NASDAQ:ADSK) are trading very close to calculated resistance at $38.15. The stock ended the trading session at just $37.31, which is near levels that make it difficult to buy or start a 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.
Autodesk's stock range is defined by its calculated support defined at $35.51 and by the resistance level at $38.15; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Autodesk. However, as the stock pulls back towards $35.51 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $38.15 then traders will get an opportunity to enter the stock as it moves to a higher range.