Interesting Technical Analysis finding for INTUIT INC (NASDAQ:INTU)

Our stock screener has identified INTUIT INC (NASDAQ:INTU) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:INTU.

Zooming in on the technicals.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, INTU scores 7 out of 10 in our technical rating. Although INTU is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• INTU is one of the better performing stocks in the Software industry, it outperforms 76% of 286 stocks in the same industry.
• INTU is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so INTU is performing more or less in line with the market.
• In the last month INTU has a been trading in the 477.76 - 514.14 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• When comparing the yearly performance of all stocks, we notice that INTU is one of the better performing stocks in the market, outperforming 87% of all stocks. However, this overall good ranking is mostly due to the recent strong move.

Our latest full technical report of INTU contains the most current technical analsysis.

How does the Setup look for NASDAQ:INTU

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:INTU currently has a 9 as setup rating:

INTU has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 498.53, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NASDAQ:INTU?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.