Autodesk Stock Forecast
Green day on Tuesday for Autodesk
(Updated on Jul 02, 2024)
The Autodesk stock price gained 0.83% on the last trading day (Tuesday, 2nd Jul 2024), rising from $245.83 to $247.86. During the last trading day the stock fluctuated 1.29% from a day low at $245.77 to a day high of $248.95. The price has risen in 6 of the last 10 days and is up by 3.06% over the past 2 weeks. Volume fell on the last day by -73 thousand shares and in total, 1 million shares were bought and sold for approximately $263.37 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $252.05 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Autodesk stock with a 90% probability to be traded between $205.07 and $256.53 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ADSK Signals & Forecast
Mostly positive signals in the chart today. The Autodesk stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $244.26 and $224.56. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 23.97%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Autodesk stock
Autodesk finds support from accumulated volume at $242.31 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.18 between high and low, or 1.29%. For the last week, the stock has had daily average volatility of 1.98%.
The Autodesk stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $241.02 (-2.76%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (ADSK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Autodesk to open at $247.53, and during the day (based on 14 day Average True Range), to move between $242.08 and $253.64, which gives a possible trading interval of +/-$5.78 (+/-2.33%) up or down from last closing price. If Autodesk takes out the full calculated possible swing range there will be an estimated 4.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $247.93 (0.03%) than the support at $242.31 (2.24%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Autodesk stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Autodesk stock to perform well in the short-term period.
Current score: 3.429 Buy Candidate Unchanged
Predicted Opening Price for Autodesk of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $247.53 ( 0.134%) | $247.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ADSK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 250.71 | 1.15% |
| R2 | 249.49 | 0.658% |
| R1 | 248.74 | 0.356% |
| Price | 247.86 | |
| S1 | 246.31 | -0.625% |
| S2 | 245.56 | -0.93% |
| S3 | 244.35 | -1.42% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 247.93 | 0.0282% |
| Price | 247.86 | |
| S1 | 242.31 | -2.24% |
| S2 | 214.92 | -13.29% |
| S3 | 210.82 | -14.94% |
ADSK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 10, 2005 | Mar 22, 2005 | Apr 08, 2005 | $0.0150 | 0.0446% |
| 2 | Dec 10, 2004 | Dec 22, 2004 | Jan 07, 2005 | $0.0150 | 0.0437% |
| 3 | Sep 10, 2004 | Sep 22, 2004 | Oct 08, 2004 | $0.0150 | 0.0624% |
| 4 | Jun 17, 2004 | Jun 30, 2004 | Jul 16, 2004 | $0.0150 | 0.0790% |
| 5 | Mar 18, 2004 | Mar 31, 2004 | Apr 16, 2004 | $0.0150 | 0.0884% |
FAQ
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