ADSK breaks back above 20-day moving average
Autodesk Inc. (ADSK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
ADSK ended the month 13.69% higher at 239.19 after gaining $7.02 (3.02%) today, significantly outperforming the Nasdaq 100 (1.96%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 233.93, Autodesk confirmed its breakout through the previous session high after trading up to $6.02 above it intraday.
Daily Candlestick Chart (ADSK as at Jun 30, 2020):
Tuesday's trading range has been $8.39 (3.6%), that's slightly above the last trading month's daily average range of $7.63. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for ADSK.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 20-day moving average at 233.45. When this moving average was crossed above the last time on May 15th, ADSK gained 5.19% on the following trading day.
Although the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Autodesk. Out of 223 times, ADSK closed higher 52.02% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.85% with an average market move of 1.32%.