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

By Shiri Gupta

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 $297.00 and $297.73 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.

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 40.1% above its average consensus analyst price target of $178.50. The stock should find initial support at its 50-day moving average (MA) of $272.75 and further support at its 200-day MA of $266.65.

Over the past year, Intuit Inc has traded in a range of $207.69 to $299.90 and closed yesterday at $298.03, 43% above that low. The 200-day and 50-day moving averages have moved 0.24% higher and 0.76% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Intuit Inc and will alert subscribers who have INTU in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle intuit inc

Ticker(s): INTU