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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Intuit (NASDAQ:INTU) based on the price action in the company's shares. Today's price range of $111.96 and $112.72 is within yesterday'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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Intuit have traded between a low of $53.38 and a high of $112.99 and are now at $112.25, which is 110% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has remained constant.

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 (NASDAQ:INTU) defies analysts with a current price ($112.25) 6.6% above its average consensus price target of $104.83. The stock should find initial support at its 50-day moving average (MA) of $101.52 and further support at its 200-day MA of $96.98.

SmarTrend recommended that subscribers consider buying shares of Intuit on March 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $99.69. Since that recommendation, shares of Intuit have risen 13.1%. We continue to monitor INTU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Intuit

Ticker(s): INTU