Autodesk Squeezes After Strong ReportAutodesk 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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