ADSK has been in a downtrend since April. Fri it receives bad news and has a pre-market gap down of about 10% then retraces and blows out its avg daily trading range (about .85) by 3 times ending the day up 2.70, all on huge volume. Getting in at the 10.6-10.7 ( it formed a pre-market cup w/R at the .5 therefore entry was on the b/o) was a straight ride up.
My question is does anybody have any suggestions as to why there was such tremendous buying pressure ( 2.5 times its daily volume) and what it could mean for the days/week ahead. This initiated before the naz started uptrending and breaking its 1350 R. I'll be watching its movement for future reference.
Thanks for any constructive opinions.
My question is does anybody have any suggestions as to why there was such tremendous buying pressure ( 2.5 times its daily volume) and what it could mean for the days/week ahead. This initiated before the naz started uptrending and breaking its 1350 R. I'll be watching its movement for future reference.
Thanks for any constructive opinions.