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Autodesk Gets Hit On Earnings, Restructuring News

Published 11/29/2017, 01:49 PM
ADSK
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Leading design software and services company, Autodesk (NASDAQ:ADSK), took a big hit Wednesday trading lower at one point by nearly 15%. The decline comes after the company reported earnings and announced a restructuring plan. Traders should note that ADSK is now trading below its important 50-day moving average, which puts it in a weak technical chart position.

More Downside Ahead

When a stock declines that sharply from a high pivot, it often indicates lower prices in the coming weeks. The next major support level for ADSK stock is around $96. That's where the stock broke out in May 2017. Generally, when a stock retests its breakout level it will be defended when retested.

Autodesk

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