ADSK closes above its opening price after recovering from early selling pressure
Autodesk Inc. (ADSK) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ADSK finished the week 0.94% higher at 208.95 after gaining $1.44 (0.69%) today, slightly outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 208.95 marks the highest recorded closing price ever. Trading up to $0.81 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Wednesday, ADSK gained 0.19% on the following trading day. Closing above Thursday's high at 208.47, the market confirmed its breakout through the previous session high after trading up to $0.73 above it intraday.
Daily Candlestick Chart (ADSK as at Feb 14, 2020):
Friday's trading range has been $1.92 (0.92%), that's far below the last trading month's daily average range of $3.75. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ADSK.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Autodesk. Out of 448 times, ADSK closed higher 52.23% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.26% with an average market move of 1.25%.