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.
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