ADSK gap

Discussion in 'Trading' started by Winston, Aug 19, 2002.

  1. Winston


    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.