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ADSK closes within prior day's range after lackluster session


Technical Analysis Report for ADSK - Apr 16, 2018 [1 min read]
Highlights
ADSK pushes through 20-day moving average
ADSK finds support at 20-day moving average
ADSK closes within previous day's range after lackluster session
ADSK ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

ADSK ended Monday at 129.72 edging higher $0.55 (0.43%) on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ADSK
Volatility

Monday's trading range was $2.34 (1.79%), that's far below last trading month's daily average range of $4.03. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 127.98. After trading as low as 128.77 during the day, the stock found support at the 20-day moving average at 129.33.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share managed to break above the 20-day moving average at 129.33 today for the first time since April 10th.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 133.55 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 127.98 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bullish Bounce off SMA 20 TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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