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Possible Bearish Inside Day Candle Pattern Detected for Intuit Inc (NASDAQ:INTU)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Intuit Inc (NASDAQ:INTU) based on the price action in the company's shares. Yesterday's price range of $288.90 and $290.49 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Intuit Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Intuit Inc has traded in a range of $207.69 to $295.77 and closed yesterday at $288.58, 39% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals. The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

Intuit Inc (NASDAQ:INTU) is currently priced 38.1% above its average consensus analyst price target of $178.50. The stock should discover initial support at its 50-day moving average (MA) of $265.64 and subsequent support at its 200-day MA of $264.51.

SmarTrend recommended that subscribers consider buying shares of Intuit Inc on December 20th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $265.95. Since that recommendation, shares of Intuit Inc have risen 9.2%. We continue to monitor INTU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle intuit inc

Ticker(s): INTU