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Watch for Autodesk to Potentially Pullback After Gaining 15.20% Yesterday

By Amy Schwartz

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.

In the past 52 weeks, Autodesk share prices have been bracketed by a low of $41.60 and a high of $112.18 and are now at $110.53, 166% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.4%.

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.

Keywords: rebounders Autodesk

Ticker(s): ADSK