Stock of the day: Autodesk

By Tomasz Wisniewski|

Published: December 13 2022, 15:11 GMT+0

Stock of the day: Autodesk


Today’s lower inflation numbers from the US are a real treat for stock traders. Most of the instruments are green, including those that were trading relatively low for the past few months. One of the examples is the hero of the day – Autodesk, who has not been pleasing shareholders in the previous year, trading inside of an extremely boring sideways trend.

The sideways trend can be technically described as an ascending triangle pattern with horizontal resistance (yellow) and dynamic support (red). Most recently, the price bounced off dynamic support and targeted the middle of the triangle. The next target should be the upper line of this formation (yellow), meaning the highs from November and August.

With the current momentum and help from the CPI, the chances of getting there are quite high. We should also add potential help from the Santa Rally that usually takes place in December.

Sentiment on ADSK is positive and will remain so as long as the price stays above the red line. A breakout to the downside would bring us a proper sell signal but chances for that are limited for now.


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