This Favorable Sign Appears On Autodesk’s Chart
Favorable #Favorable
If history is any guide, there may be good fortune ahead for shares of Autodesk (NASDAQ:ADSK). A so-called “golden cross” has formed on its chart and, not surprisingly, this could be bullish for the stock.
What To Know: Many traders use moving average crossover systems to make their decisions.
When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses below the long-term average price, it means the trend is lower.
Why It’s Important: The 50-day and the 200-day simple moving averages are commonly used.
The golden cross occurs when the 50-day crosses above the 200-day. This could mean the long-term trend is changing.
That just happened with Autodesk, which is trading around $199.22 at publication time.
Remember: Seasoned investors don’t blindly trade Golden Crosses.
Instead, they use it as a signal to start looking for long positions based on other factors, like price levels and company fundamentals & events.
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For seasoned investors, this is just a sign that it might be time to start considering possible long positions.
With that in mind, take a look at Autodesk’s past and upcoming earnings expectations:
Quarter Q3 2023 Q2 2023 Q1 2023 Q4 2022 EPS Estimate 1.7 1.57 1.34 1.44 EPS Actual 1.7 1.65 1.43 1.50 Revenue Estimate 1.28B 1.22B 1.15B 1.19B Revenue Actual 1.28B 1.24B 1.17B 1.21B
Also consider this overview of Autodesk analyst ratings:
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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