• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Autodesk (NASDAQ:ADSK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Autodesk (NASDAQ:ADSK) based on the price action in the company's shares. Today's price range of $59.81 and $60.31 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Autodesk may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Autodesk have traded between a low of $41.60 and a high of $65.78 and are now at $60.12, which is 45% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.4%.

Autodesk, Inc. supplies PC software and multimedia tools. The Company's two-dimensional and three-dimensional products 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.

There is potential upside of 10.9% for shares of Autodesk based on a current price of $60.12 and an average consensus analyst price target of $66.67. The stock should discover initial support at its 50-day moving average (MA) of $57.49 and subsequent support at its 200-day MA of $54.25.

SmarTrend recommended that subscribers consider buying shares of Autodesk on July 21st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $58.21. Since that recommendation, shares of Autodesk have risen 3.7%. We continue to monitor ADSK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Autodesk

Ticker(s): ADSK