Autodesk Squeezes After Strong Report
Autodesk has been squeezing near a two-year high, and some traders may expect a breakout soon.
The first pattern on today’s chart is the attempted rally on March 1 after earnings, revenue and guidance beat estimates. A falling trendline appeared as the software company pulled back, but it’s now pushing above that resistance.
Second, prices have held the rising 50-day simple moving average. That may reflect a bullish intermediate-term trend.
Third, the 8-day-exponential moving average (EMA) recently crossed above the 21-day EMA. (See our 2 MA Ratio custom script in the lower study.) That may reflect a bullish short-term trend.
Fourth, the December 27 high of $245.88 was ADSK’s peak all of last year. The stock bounced near that level on March 5. Has old resistance become new support?
Next, stochastics are rebounding from an oversold condition.
Finally, ADSK hasn’t been an actively traded stock for years because of its focus on markets like industrial design. However, management discussed AI potential in its last quarterly report. Could that change the fundamental narrative with investors?
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The first pattern on today’s chart is the attempted rally on March 1 after earnings, revenue and guidance beat estimates. A falling trendline appeared as the software company pulled back, but it’s now pushing above that resistance.
Second, prices have held the rising 50-day simple moving average. That may reflect a bullish intermediate-term trend.
Third, the 8-day-exponential moving average (EMA) recently crossed above the 21-day EMA. (See our 2 MA Ratio custom script in the lower study.) That may reflect a bullish short-term trend.
Fourth, the December 27 high of $245.88 was ADSK’s peak all of last year. The stock bounced near that level on March 5. Has old resistance become new support?
Next, stochastics are rebounding from an oversold condition.
Finally, ADSK hasn’t been an actively traded stock for years because of its focus on markets like industrial design. However, management discussed AI potential in its last quarterly report. Could that change the fundamental narrative with investors?
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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