Autodesk Inc Stock Forecast
Stronger technical forecast for Autodesk Inc stock price after Friday trading.
(Updated on Jun 28, 2024)
The Autodesk Inc stock price gained 1.27% on the last trading day (Friday, 28th Jun 2024), rising from 228.00€ to 230.90€. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.47% from a day low at 227.95€ to a day high of 231.30€. The price has risen in 7 of the last 10 days and is up by 9.43% over the past 2 weeks. Volume fell on the last day by -225 shares and in total, 86 shares were bought and sold for approximately 19.86€ thousand. 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 stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at 232.27€ will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 13.75% during the next 3 months and, with a 90% probability hold a price between 225.91€ and 264.22€ at the end of this 3-month period.
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AUD.F Signals & Forecast
The Autodesk Inc 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 226.92€ and 207.11€. 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 24.89%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Autodesk Inc stock
Autodesk Inc finds support from accumulated volume at 224.30€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved 3.35€ between high and low, or 1.47%. For the last week the stock has had daily average volatility of 1.80%.
Our recommended stop-loss: 224.11€ (-2.94%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (AUD.F) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Autodesk Inc to open at 230.05€, and during the day (based on 14 day Average True Range), to move between 225.83€ and 235.97€, which gives a possible trading interval of +/-5.07€ (+/-2.20%) up or down from last closing price. If Autodesk Inc takes out the full calculated possible swing range there will be an estimated 4.39% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ 224.30€, some 6.60€ (2.86%) from the current price of 230.90€, our system finds the risk reward attractive.
Is Autodesk Inc stock A Buy?
Autodesk Inc holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.073 Strong Buy Candidate Upgraded
Predicted Opening Price for Autodesk Inc of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| 230.05€ ( 0.368%) | 230.90€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AUD.F
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 233.40 | 1.08% |
| R2 | 232.12 | 0.528% |
| R1 | 231.33 | 0.186% |
| Price | 230.90 | |
| S1 | 228.77 | -0.92% |
| S2 | 227.98 | -1.26% |
| S3 | 226.70 | -1.82% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 230.90 | |
| S1 | 224.30 | -2.86% |
| S2 | 193.64 | -16.14% |
| S3 | 184.88 | -19.93% |
FAQ
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