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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Autodesk (NASDAQ:ADSK) based on the price action in the company's shares. Today's price range of $51.03 and $51.96 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. Traders and investors interested in shares of Autodesk may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Autodesk share prices have moved between a 52-week high of $65.78 and a 52-week low of $41.60 and are now trading 24% above that low price at $51.54 per share. The 200-day and 50-day moving averages have moved 0.28% higher and 1.40% higher over the past week, respectively.

Autodesk has overhead space with shares priced $51.54, or 22.7% below the average consensus analyst price target of $66.67. The stock should run into initial resistance at its 200-day moving average (MA) of $54.25 and subsequent resistance at its 50-day MA of $57.49.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Autodesk on May 20th, 2016 by issuing a Downtrend alert when the shares were trading at $56.67. Since that call, shares of Autodesk have fallen 10.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Autodesk

Ticker(s): ADSK