The stock market continues to correct various sectors, and even a strong earnings report for companies like AutoDesk don’t lead to much traction.

Technology stocks have been hit pretty hard lately, and some of the best names have had little-to-no upside.

AutoDesk delivered a fantastic third quarter.

As you can see on the chart, it gapped up and is now consolidating those gains. Indicators have started to turn upward. The MACD is on a buy signal, and the RSI shows a series of higher lows.

Note the bullish W pattern on the chart, which may turn into a positive as the stock carves out the right side of the base. A move above the 50 ma to 140 or higher would be very positive.

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