Intuit Inc. - (INTU) - July 31, 2023
Intuit (INTU), a producer of tax preparation and accounting software for individuals and small businesses, has been steadily climbing back up the rankings in the SIA S&P 500 Index Report since January of 2023. On Friday, it returned to the Green Favored Zone for the first time since January of 2022, finishing in 110th place, up 17 spots on the day and up 78 positions in the last month.
Intuit (INTU) shares spent a year building a base for recovery between $340.00 and $485.00. Over this time, a series of higher lows, particularly since a November retest of the bottom of the trading range, have indicated renewed accumulation and formed a large, bullish Ascending Triangle Base.
This month, Intuit has broken out of this base, retested the $480.00 breakout point as new support and continued on up above $500.00, signaling the start of a new uptrend. Measured moves suggest potential upside resistance tests may appear near $580.00 and $630.00 on trend.
A big selloff in Intuit (INTU) shares, which gave back much of its previous uptrend, bottomed out in May of 2022. An initial summer 2022 rebound faltered, but since November, consistent accumulation has come in behind the stock, establishing an uptrend of higher lows. This month, the shares have broken out to the upside, completing a bullish Spread Triple Top pattern and rallying up above the $500.00 round number to their highest level since March of 2022.
Based on a combination of vertical and horizontal counts, and previous column highs, upside resistance may emerge near $556.75, $579.25, or $626.95. Initial support appears near $465.85 based on a 3-box reversal.
With a perfect SMAX score of 10, INTU is exhibiting strength across the asset classes.
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