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

By:
on Jun 24, 2022
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  • Intuit has risen by 16% in a month
  • The stock broke from a pin+insider bar combo
  • We project the stock to rise to find resistance above $488

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.

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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.