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

By David Diaz

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 $108.26 and $109.43 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.

Intuit share prices have moved between a 52-week high of $116.97 and a 52-week low of $53.38 and are now trading 103% above that low price at $108.42 per share. 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 (NASDAQ:INTU) is currently priced 3.3% above its average consensus analyst price target of $104.83. Intuit shares have support at the 50-day moving average (MA) of $101.52 and additional support at the 200-day MA of $96.98.

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.

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

Keywords: bearish inside day candle Intuit

Ticker(s): INTU