Autodesk pierces positive technical pattern's ceiling - Analysis - 31-05-2022

Autodesk's stock (ADSK) surged and collected the second highest profits on the S&P 500, after reporting forecast-beating quarterly profits of $1.43 per share, up from $1.03 a year ago, with the stock spiking 10.31% in the last session, above 10-day averages of 2.1 million shares. 

Technically, the stock pierced the ceiling of the positive technical pattern formed in the short term, the Falling Wedge pattern, while shaking off negative pressure from the 50-day SMA, doubling negative pressures, amid positive signals from the RSI.

Therefore we expect more gains for the stock, targeting the first resistance of 223.45. 

Expected trend for today: Bullish