Daily Stock Report

Intuit Inc. - (INTU) - July 25, 2022

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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