Downtrend Broken Resist.Archive
- 9/22/2023 -
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Autodesk, Inc. (ADSK) Technical Analysis
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|It was the negative week for the Autodesk, Inc. (ADSK). During the week, the ADSK dropped -9.31 points, or -4.36%, and closed at 204.04 on Friday, September 22, 2023. It was the worst weekly loss since June 23, 2023. Weekly volume was -21% below average. |
ADSK is a member of Information Technology Sector. Information Technology is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
Long-term trend: [See ADSK long-term trend chart]
A long-term uptrend had started on June 16, 2022 at 163.20 and reached 235.01 on August 16, 2022. ADSK gained -71.81 points, or -44.00%, in 8 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 200.32 and resistance is at 228.24. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend.
Medium-term trend: [See ADSK medium-term trend chart]
A medium-term uptrend had started on April 27, 2023 at 188.38 and reached 224.26 on August 31, 2023. ADSK gained -35.88 points, or -19.05%, in 18 weeks. The price is now at the 56.35% retracement level.
Weekly Technical Indicators: [See ADSK weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since June 2, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
Short-term trend: [See ADSK short-term trend chart]
A short-term downtrend had started on August 31, 2023 at 224.26 and reached 203.20 on September 21, 2023. ADSK lost 21.06 points, or 9.39%, in 21 days. The chart has formed a Broadening Descending Wedge chart pattern.
Daily Technical Indicators: [See ADSK daily technical indicators chart]
Daily Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Lane's Stochastic or strongly oversold daily Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The daily MACD line is below its signal line since September 11, 2023. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.