Shares of Intuit Inc are moving well. The stock is up 3% and is trading at new May highs.
Upside volume has been very solid since the company raised its full year guidance for 2021: Intuit (INTU) Cuts Q3 View, Raises Fiscal 2021 Guidance – May 12, 2021 – Zacks.com.
INTU has spent March, April and so far May trading inside its February range. A clear upside break of this healthy consolidation(shares were up 125% from the March 2020 lows in mid February), could spark quite a run. The stock is far from overbought(daily MACD). Key near term hurdle is the $424.00 area(Feb/Apr highs). On the downside, a close back below $385.00 would violate this week’s low sending a clear warning sign that more consolidation is ahead.
Earnings are due May 25/PM