INTUIT could recover for circa 3-5% upsideShort & Medium-Term Outlook
Trend Analysis:
• Short-Term (Current Price Action):
• The stock has recently found support around the $600-$610 range and is attempting a bounce.
• The green arrow and projection indicate a potential upward move of circa 5% to $638, which aligns with the next resistance level based on recent price action.
• The moving averages (short-term and medium-term EMAs) show a downward trend, but the current price is attempting to reclaim the shorter EMA.
• Momentum indicators suggest a potential short-term reversal.
Trade Setup:
Short-Term Targets:
• Upside Target: $638 (potential 5.07% move)
• Downside Risk: $600 support zone
• Trade Probability: Moderate, with an entry bias confirmed by improving momentum indicators.
Medium-Term Targets:
• Upside Resistance: $660-$675 if bullish momentum continues beyond $638.
• Downside Support: $580 (next major support if current bounce fails).
Lets keep an eye on this
• Short-Term (Next 15-21 Days):
• Expect a potential bounce towards $638 if bullish momentum holds, with a cautious outlook due to moderate trend strength.
• A break below $600 invalidates the bullish scenario.
• Medium-Term (2-3 Months):
• A sustained move above $638 could push the stock towards $660-$675.
• Failure to hold current levels may see a retest of lower support near $580.
