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Autodesk Inc - ADSK - Fibonacci Retracement Levels
Casey Murphy - Nov 29, 2007


Autodesk Inc - ADSK

November 28, 2007

Last Trade

$46.62

Volume

3,532,030

52-Week High

$51.32

52-Week Low

$36.74

Commentary:
Today we've chosen to take a look at the chart of Autodesk Inc. (Nasdaq:ADSK) because a relatively unknown indicator is suggesting that the stock is getting ready to make a short-term move higher. In the chart below you'll notice that we've added the Fibonacci Fan in an attempt to get an idea of where this stock could find support. This uncommon tool is created by connecting two extreme points and then drawing three trendlines onto the charts so that they intersect the Fibonacci levels of 38.2%, 50.0% and 61.8%. Interestingly, the price of the stock bounced off the bottom trendline today and it is also near the 200-day exponential moving average. Traders will want to pay attention to this stock because the fan is suggesting that the nearby support will be used to signal a buying opportunity and likely lead to a short-term rise in price.



 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


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