INTU pushes through key technical resistance level
Intuit Inc. (INTU) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, INTU ended the month 2.02% higher at 296.19 after gaining $8.27 (2.87%) today, outperforming the Nasdaq 100 (1.96%). Today's close at 296.19 marks the highest recorded closing price since February 21st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 289.78, the share confirmed its breakout through the previous session high after trading up to $8.14 above it intraday.
Daily Candlestick Chart (INTU as at Jun 30, 2020):
Tuesday's trading range has been $9.92 (3.43%), that's slightly above the last trading month's daily average range of $8.42. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly 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 295.37 (now S1), which is likely to act as support going forward. The last time this happened on June 22nd, INTU actually lost -0.10% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 306.89, upside momentum could speed up should the market be able to break out to new highs for the year. As prices are trading close to June's high at 298.00, upside momentum might accelerate should Intuit mark new highs for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Intuit. Out of 614 times, INTU closed higher 52.28% 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 60.59% with an average market move of 0.84%.