INTU rallies, gaining $11.13 (5.55%) within a single day
Intuit Inc. (INTU) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
INTU finished the week -4.72% lower at 211.82 after surging $11.13 (5.55%) today, notably outperforming the Nasdaq 100 (2.77%). This is the biggest single-day gain ever recorded for the share. Trading up to $2.54 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Tuesday, INTU actually lost -7.35% on the following trading day. Closing above Thursday's high at 208.56, Intuit Inc. confirmed its breakout through the previous session high after trading up to $3.84 above it intraday.
Daily Candlestick Chart (INTU as at Oct 12, 2018):
Friday's trading range has been $6.75 (3.24%), that's slightly above the last trading month's daily average range of $5.44. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for INTU.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 209.79 (now S1), which is likely to act as support going forward. Prices are trading close to the key technical resistance level at 217.69 (R1).
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 220.91.
While the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to S1 Support" stand out. Its common bullish interpretation has been confirmed for Intuit Inc.. Out of 1,215 times, INTU closed higher 55.88% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.28% with an average market move of 1.43%.