Autodesk Keeps Climbing

 | May 19, 2017 | 1:50 PM EDT
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adsk

It was just a week ago when we wrote about Autodesk (ADSK)   on Real Money that "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."

With the big gap to the upside today on ADSK, we have to consider raising our price objective and stop-loss point. Let's check the updated charts for today.

In this daily bar chart, above, we can see that in the past week ADSK closed above $96, so I assume readers are long. Existing longs could raise their sell stop to a close below $93.

The chart picture and indicators have only strengthened in the past week, with today adding to the signals. ADSK is above the rising 50-day moving average line. Prices are also above the rising 200-day moving average line. The On-Balance-Volume (OBV) continues to make new highs, confirming the price strength and telling us that buyers remain more aggressive. The MACD oscillator is bullish.

In this weekly bar chart of ADSK, we can see the large consolidation pattern with the breakout at $65. A double from the $65 breakout point would give us $130 as an upside price target/objective. The weekly OBV line and the MACD oscillator are both bullish.

In this Point and Figure chart, above, we can see the big rally today without the price gap seen on the daily bar chart. The new upside price target is $125+.

Bottom line: Raise your sell stop and look for gains to the $125-$130 area. And enjoy the ride.

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