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Watch for Autodesk to Potentially Pullback After Gaining 15.20% Yesterday

By James Quinn

Autodesk (NASDAQ:ADSK) traded in a range yesterday that spanned from a low of $106.87 to a high of $112.18. Yesterday, the shares gained 15.2%, which took the trading range above the 3-day high of $98.05 on volume of 6.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that subscribers consider buying shares of Autodesk on December 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $78.17. Since that recommendation, shares of Autodesk have risen 22.6%. We continue to monitor ADSK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, shares of Autodesk have traded between a low of $41.60 and a high of $112.18 and are now at $110.53, which is 166% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has risen 0.3%.

Keywords: rebounders Autodesk

Ticker(s): ADSK