Autodesk (ADSK) is another name that has more than doubled in the past twelve months. You could have bought ADSK last June near $50 and been able to sell it above $110 last week. Hindsight is wonderful isn't it?
So let's try to be forward-looking at this juncture and see what we should watching as events unfold.
In this daily bar chart of ADSK, below, we cannot help to notice the big gap to the upside last month. Prices rallied on strong volume but after a couple of days prices stalled in the $110-$115 area before dropping nearly $10 in just two days. Prices are still above the rising 50-day and the rising 200-day moving averages. Look closely at the On-Balance-Volume (OBV) line after the price gap -- the line has weakened telling us that sellers have been more aggressive in recent days/weeks. The Moving Average Convergence Divergence (MACD) oscillator crossed to the downside above the zero line for a take profits sell signal.
In this daily Japanese candlestick chart of ADSK, below, we can see the lower shadow (rejection of the lows) and the white "real body" that tells us prices are above the opening. This chart also shows the price gap which is called a "rising window" by Japanese technicians. The window acts as support until it is closed. A close below $98 would close the window and foreshadow further weakness.
Bottom line - ADSK is probably going to close higher on the day (Monday) and some observers will be quick to declare that the coast is clear. I would go slow and not be too fast to declare victory. The key for me will to see prices and the OBV line going up together again.