Autodesk (NASDAQ:ADSK) has opened bearishly below the pivot of $56.11 today and has reached the first level of support at $55.76. Investors may be interested in a cross of the next downside pivot targets of $55.51 and $54.91.
Over the past year, Autodesk has traded in a range of $34.16 to $58.68 and is now at $55.73, 63% above that low. The 200-day and 50-day moving averages have moved 0.56% higher and 1.26% higher over the past week, respectively.
Autodesk has overhead space with shares priced $55.73, or 5.6% below the average consensus analyst price target of $59.07. The stock should discover initial support at its 50-day moving average (MA) of $54.41 and subsequent support at its 200-day MA of $49.52.
Autodesk, Inc. supplies PC software and multimedia tools. The Company's two-dimensional and three-dimensional products are used across industries and in the home for architectural design, mechanical design, geographic information systems and mapping, and visualization applications. Autodesk's software products are sold worldwide through a network of dealers and distributors.