Autodesk Inc. (ADSK) was a notable winner Friday, soared 14.69 percent to 109.91 – a fresh 52-week high after the company reported earnings that beat the Street’s estimates. This is bullish from a technical perspective. In fact, a closer look at the daily chart of ADSK suggests that the stock could climb up to 120 in the coming days. Just so that you know, initially profiled in our December 16, 2016 “Swing Trader Bulletin” ADSK had gained about 40% and remained well position. Below is an update look at a trade in ADSK.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – Autodesk Inc. (daily)
Over the past few days, ADSK has been trending lower in a short-term corrective mode as it worked off the overbought conditions. The correction found support near the trend channel moving average (as represents by the white line in the chart). Friday’s upside breakout had pushed the stock above the early May high, signaled…Click here to read more.
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