Autodesk, Inc. provides design software and services to customers worldwide. Its Platform Solutions and Emerging Business segment offers AutoCAD software, a customizable and extensible computer-aided design application for professional design, drafting, detailing, and visualization in fields ranging from construction to manufacturing, civil engineering, and process plant design. The company's Architecture, Engineering and Construction segment offers Autodesk Revit products, which provide model-based design and documentation system for architects, structural engineers, and design-build teams, as well as mechanical, electrical, and plumbing engineers. The Manufacturing segment's products comprise Autodesk Inventor, which offers engineers a set of tools for 3D mechanical design, simulation, analysis, tooling, visualization, and documentation. Its Media and Entertainment segment offers animation products that provide tools for digital sculpting, modeling, animation, effects, rendering, and compositing; and creative finishing products that provide editing, finishing, and visual effects design and color grading.
Please take a look at the 1 yr. chart of ADSK (Autodesk, Inc.) that I have shown below with my added notations:
ADSK had formed a nice up-trending Channel over the last (2) months. A Channel is simply formed through the combination of a trend line support that runs parallel to a trend line resistance. Any (3) points can start a Channel, but it's the 4th test and beyond that confirm it. You can see that ADSK had (9) separate test points between the Channel resistance (red) and Channel support (blue). Yesterday the stock broke its Channel support, should be moving lower overall, and will probably make its way down to the key $30 level (green).
The Tale of the Tape: ADSK broke its Channel support and should be moving lower. A short trade could be entered on any rally up to the old Channel support that currently sits near $33 and should now become resistance. A long trade might also be made if the stock falls to the $30 level.
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