INTU climbs to highest close ever
Intuit Inc. (INTU) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
INTU ended the week 3.25% higher at 304.29 after surging $6.45 (2.17%) today, strongly outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 304.29 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 300.55, the share confirmed its breakout through the previous session high after trading up to $3.84 above it intraday.
Daily Candlestick Chart (INTU as at Feb 14, 2020):
Friday's trading range has been $6.93 (2.32%), that's above the last trading month's daily average range of $5.49. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower 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 298.82 (now S1), which is likely to act as support going forward. After having been unable to move lower than 296.85 in the prior session, Intuit found buyers again around the same price level today at 297.46. The last time this happened on January 15th, INTU gained 1.42% on the following trading day.
Crossing above the upper Bollinger Band for the first time since January 22nd, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 290.38 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Intuit. Out of 550 times, INTU closed higher 60.36% 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 62.00% with an average market move of 1.03%.