This is going to be a short entry. I'm going to do my real post later today.
I've been following AutoDesk (ADSK) for a while. I've shied away from it, because it seemed to be exhibiting a relatively bullish breakout pattern in the face of a weak market. Here, for example, is what it looked like as it seemed to be breaking to new highs. Notice something, however. The price has trouble staying above that horizontal line. It breaks above it, sinks well below it, then tries to break out again. Not to anthropomorphize the stock too much, but it seems to be struggling.
Then something truly serious happens – – the trendline is broken. So what we have here is better than simply a broken trendline break. We have a trendline break following what should have been a marvelous bullish breakout. That one-two punch makes the likelihood of a fall that much more potent. You can click on the "Present" tab to see the aftermath.
So even if you are a bear, keep an eye on stocks that seem bullish. You may find other opportunities like these.
I'll see you in a few hours……..I've got some meetings, but it was an interesting day today, and I've got some things to say about it.