Stock

Intuit’s price forecast as pin+inside bar breakout occurs at the support zone

Intuit Inc. (NASDAQ:INTU) touched an oversold bottom of $362 last month. The oversold bottom coincided with a support zone. Although the stock looked to be under pressure at the support, it held to the crucial level. The stock has since risen by more than 16% in a month. It is possible that the stock will go higher after a pin and inside the bar are formed at the key support.

On Wall Street, Intuit is rated highly. Out of 15 analysts tracked by Tipranks, all have a strong buy rating. The consensus price target averages $535, representing an upside potential of 28%. The ratings reflect Intuit’s fundamental strengths. In its latest quarter, the company’s revenues and earnings beat estimates. It also gave guidance that surpassed the previous projections.

Wall Street’s ratings will be of little significance if the current broad stock weakness continues. However, the strong fundamentals reinforce that it is a matter of when not if Intuit will rise. This thesis finds that Intuit is a strong buy as technical indicators align with the robust fundamentals.

Bullish pin+inside bar combo pushes Intuit stock higher

Source – TradingView

On the weekly chart, a pin bar can be seen towering above the $360 support. The support coincided with oversold conditions on the stock. A pin+insider bar combo pushed the price higher. Intuit again tested the support and is now moving higher, confirming a buy trade. 

Concluding thoughts

Investors should buy Intuit as bullish signals emerge above the support. Investors should ride up to $488. Although the price can go higher past $488, the current stock market weakness could pose an obstacle. Investors willing to hold the stock longer can monitor price action at the level.

The post Intuit’s price forecast as pin+inside bar breakout occurs at the support zone appeared first on Invezz.

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