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Monday, February 12, 2007

ADSK - Double Top

Watch for ADSK on Monday. It is exhibiting a double-top formation and looks set for breakdown. It tested resistance @ $45 twice, forming 2 tops, with RSI on the decline despite testing high of $45 on second top. $42 is the key level to watch for and preliminary target is $40, where stock gapped up in Nov and has since formed a strong support. It's too early to tell if ADSK can fill the gap.

ITM options Mar 42.5 Put or 45 Put are good, but personally I would prefer 45 Put as it has delta of 0.73 vs 0.52 for 42.5 strike.


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