Financial software producer Intuit (INTU) has returned to the Green Favored Zone in the SIA NASDAQ 100 Index Report for the first time since January. On Friday, it climbed 4 positions to 25th place and it is up 18 spots in the last month.
Intuit (INTU) shares staged a major breakout last week. A major downtrend bottomed out in May near $340.00 and since then, a bullish Ascending Triangle base of higher lows below $425.00 had been forming. Earlier this month, INTU regained $400.00 and snapped a downtrend line, signaling the start of a new recovery trend, which was then confirmed by INTU completing the ascending triangle base.
Initial upside resistance appears in the $500.00 to $510.00 area where a round number and measured move converge. Initial support appears near $410.00, a recent breakout point.
A new recovery trend appears to be getting underway in Intuit (INTU) shares. Back in the winter, the shares lost nearly half their value in a major selloff. Starting in May, INTU started to bottom out and a trend of higher lows emerged as the shares started to build a base for recovery. This month, the shares have broken out of their base, completing bullish Triple Top and Spread Double Top breakouts to signal the start of a new uptrend.
Based on horizontal counts and previous column highs/lows, potential upside resistance tests appear near $508.30, $528.85, or $550.25 on trend. Initial support appears near $400.80 based on a 3-box reversal and a round number.
With its bullish SMAX score increasing to 7, INTU is exhibiting strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
