Autodesk's Uptrend Remains on Autopilot

 | May 12, 2017 | 2:08 PM EDT
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Stock quotes in this article:

adsk

Autodesk  (ADSK) has been on autopilot in its uptrend. Our indicators are still in good shape and we have still higher price targets to talk about. Here's my take on it.

In this daily bar chart of ADSK, below, we can see how well the rising 50-day moving average line has defined the uptrend. ADSK is above both the rising 50-day and the rising 200-day moving average lines.

The daily On-Balance-Volume (OBV) line has been climbing higher the past 12 months and supports and confirms the rally. A rising OBV line tells us that buyers of ADSK have been more aggressive. The trend-following Moving Average Convergence Divergence (MACD) oscillator is in a strong bull mode above the zero line.

In this weekly chart of ADSK, below, we can see that prices were in a sideways consolidation for about two years before the uptrend got under way. Prices have more than doubled from their nadir and we are not seeing signs of distribution. The weekly OBV line shows a steady uptrend for more than a year and the MACD oscillator is crossing to the upside again.

In this Point and Figure chart, below, we can see the uptrend and a further or fresh upside price target of around $120.

Bottom line: ADSK is pointed higher. There have been corrections along the way, so traders could either wait for a correction and then look to be a buyer or they can buy a close above $96 with a stop at a close below $89. Our price objective is $120.

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