Stock of the day: Autodesk

By Tomasz Wisniewski|

Published: May 11 2023, 12:56 GMT+0

Stock of the day: Autodesk

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The stock of the day on Thursday brings us an analysis of Autodesk. Here, I can see the first stage of a very promising buy signal, and I think that today’s session can be crucial for the final outcome of whether the signal will eventually be triggered or not.

Autodesk is in a long-term symmetric triangle pattern (black). Most recently, the price bounced off the lower line of this triangle, which, in theory, is a bullish price action. In addition to this, yesterday ADSK managed to climb back above the key mid-term downtrend line (red), which connects key lower highs in 2023, as well as above the orange resistance around 192 USD.

It looks promising for the buyers, but I am not fully convinced yet; that’s why I’m waiting for today’s session. The missing piece in the puzzle for me is the price closing a day on the new monthly highs. After that happens, the buy signal will be triggered. Let’s see what buyers have to offer today…

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-autodesk

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