FREE Guide: 6 Fibonacci Types that Create the Most Precise Price Levels, Targets, and Reversal Zones

November 30 Chart of the Day - Intuit

If you've been following our Chart of the Day posts and have benefited from one or more of them we ask that you consider participating our NEW Pay It Forward - Traders Helping Traders program.

Intuit Inc. (INTU) provides financial management and compliance products for small businesses, self-employed individuals, consumers, and accounting professionals in the U.S. and worldwide.

The company reported better than expected results for Q1 FY2024, with sales up 14.7% year over year to $2.98 billion. The company's full-year revenue guidance of $16 billion came in below analysts' estimates. 

In after hours trading price popped up to $599 before falling nearly 8% this morning to the $570 area.

From a price action technical analysis perspective we started our review on the monthly chart to find that price has been making a series of higher highs and higher lows for the past several years.  By definition this is an up trend.

Using Fibonacci we can see that price has been moving in a technically correct fashion for more than the past two years.

Moving down to the weekly chart is where we can see a technical reason for the pop and drop from the $600 area in the form of a bear Fibonacci retracement level.  This could simply be a level where traders and investors were locking in profits by taking some or all of their positions off.

If history continues to repeat itself on this chart we've identified potential pull back levels using support/resistance and Fibonacci sequencing techniques from which traders and investors could develop their plans from.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

Have a chart you'd like to see featured? 

Send requests at

Would you like charts like this delivered directly to you every day?  ChartPros Trade Room is offering an OPEN HOUSE 7-day free trial at this link.




Leave a comment

Name .
Message .

Please note, comments must be approved before they are published