The beleaguered software group has finally come around and begun showing some stellar price action. The charts have improved greatly, especially that of Autodesk. It shows a huge gap to the upside from early March, which happened just after the company reported some stellar numbers.
Since then, the stock has been consolidating with some lower highs and lower lows. You can now see a W pattern, which implies it may be ready to run back to all-time highs.
The MACD is about to cross for a buy signal, volume trends have improved and money flow has strengthened. A move above the modest downtrend line would be a catalyst for higher prices. I think Autodesk may push past the 140 area and onto new highs.
Autodesk(Nasdaq: ADSK) Video Chart Analysis
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Autodesk, Inc. operates as a design software and services company worldwide. The company offers AutoCAD, a professional design, drafting, detailing, and visualization software; and AutoCAD LT, a professional drafting and detailing software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; and AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects. It also provides Maya and 3ds Max software products that offer 3D modeling, animation, effects, rendering, and compositing solutions; Revit software for building information modeling; and Inventor tool for 3D mechanical design, simulation, analysis, tooling, visualization, and documentation. In addition, the company offers BIM 360, a construction management cloud-based software; Shotgun, a cloud-based software for review and production tracking in the media and entertainment industry; and Fusion 360, a 3D CAD, CAM, and computer-aided engineering tool. 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.