The stock market continues to correct various sectors, and even a strong earnings report for companies like AutoDesk don’t lead to much traction. Technology stocks have been hit pretty hard lately, and some of the best names have had little-to-no upside.
AutoDesk delivered a fantastic third quarter. As you can see on the chart, it gapped up and is now consolidating those gains. Indicators have started to turn upward. The MACD is on a buy signal, and the RSI show a series of higher lows.
Note the bullish W pattern on the chart, which may turn into a positive as the stock carves out the right side of the base. A move above the 50 ma to 140 or higher would be very positive.
Take a deeper dive into the chart action of AutoDesk on Nasdaq: ADSK and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About AutoDesk
Autodesk, Inc. operates as a design software and services company worldwide. The company offers several software programs, including AutoCAD, Maya and Revit. It licenses or sells its products to customers in the architecture, engineering, and construction; manufacturing; and digital media, consumer, and entertainment industries directly, as well as through distributors and resellers.
The company was founded in 1982 and is headquartered in San Rafael, California.
