The primary uptrend has lost all conviction. The lack of new highs and increased pressure on support suggest a strong down leg is imminent. Trigger for this bearish outlook lies at 112.10. Closing below this level should entice sellers towards 99.60<>96.60. Here the pivots of June coincide with the bearish intraday Fib projections.
On the medium term a deeper correction is fairly likely, with support coming in from 91.20 up to 83.40.
- Primary trend: neutral
- Outlook: end of uptrend, deep correction expected
- Strategy: exit-long and/or trading-short below 112.10
- Support: 112.10 / 99.60 / 96.60*
- Resistance: 116.90
- Outlook cancelled/neutralized above 119
- Description: Autodesk (ADSK) supplies PC software and multimedia tools. The Company’s two-dimensional and three-dimensional products are used across industries and in the home for architectural design, mechanical design, geographic information systems and mapping, and visualization applications. Autodesk’s software products are sold worldwide through a network of dealers and distributors.
- Market Cap: USD 24.9 bln
- Current P/E ratio: n/a
- Dividend Yield (TTM): n/a
- Earnings per Share (TTM): USD -2.6
Weekly chart Autodesk (Nasdaq)