[37] ADSK, FANG, NDAQ
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Third for the week! Let’s review a few more names:
Autodesk, Inc. (NASDAQ: ADSK)
ADSK has been trading in the green ascending channel for several decades. It's been unable to breach its 2020 prior ATH at 307.22 for several years now, and recently broke down from its yellow ascending channel, forming a monthly imbalance at 260-292.
It's currently retesting the yellow channel from below and rejecting off the 259.66 monthly resistance.
If this 259.66 level is breached and turned into support, ADSK can push back into the red resistance trendline, where a breakout can see a fill of the 291.88 monthly imbalance and the 1.618 Fib at 293.31.
Otherwise, if 259.66 continues to act as resistance, then the level of reference would be the string of major timeframe (yearly, half-yearly) levels in the 216-247 zone. A breakdown below this zone likely sees a deeper retracement into the 185.75 yearly and Fib level. Below this yearly pivot, ADSK is more likely to head back towards green channel support.
If 307.22 is turned into support, then it suggests that continuation can happen into the next Fib at 467.36.
Diamondback Energy, Inc. (NASDAQ: FANG)
FANG is currently trading in the green ascending channel as well as a tighter yellow ascending channel.
It's currently coming into the 191-196 monthly resistance. If this level is breached, then FANG can push into the H1 2024 prior ATH at 211.96.
Otherwise, FANG could range back into the 2022 prior ATH at 168.95.
Note that FANG is on the verge of forming a monthly imbalance, pending this month's candle close.
Nasdaq, Inc. (NASDAQ: NDAQ)
NDAQ has consistently been trading above the dark green support trendline dating back to its IPO. It's currently also trading in a green ascending channel.
Last month, it retested channel support and reclaimed the major timeframe supports sitting at 84-85, although it continues to rejects the 86.64 weekly level. Assuming NDAQ's candle high does not exceed last month's candle low, NDAQ is on track to form a monthly imbalance at the 95.61 level, which is currently a weekly imbalance.
If NDAQ turns the 86.64 weekly level into support, it could push back into the 95.61 level. Note that for significant price expansion to occur, NDAQ has to reclaim the 99-100 area and turn it into a long-term support, after which it could push to the next Fib level at 145.37.
If NDAQ breaks below the 84-85 area, it has the channel support for the time being. If the channel support is lost, then NDAQ likely pushes back into the 2022 prior high at 70.29.
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$Autodesk(ADSK)$ $Diamondback(FANG)$ $Nasdaq(NDAQ)$ $Apple(AAPL)$ $Tesla Motors(TSLA)$
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