Intuit Inc. (INTU) continues to point higher. INTU was trading below $90 three years ago and now it could be headed for a triple from that nadir. Pretty impressive for this business-software company and maker of Turbo Tax.
Let's review the charts and indicators to map a technical strategy.
(For more on INTU, see "The Name of the Game Is Growth: Cramer's 'Mad Money' Recap")
In this daily bar chart of INTU, below, we can see that prices have been in a strong uptrend the past 12 months and longer. If you look at the month of February you can see why I think INTU is in a strong uptrend. Prices dipped close to $20 but surged to new highs before month end - powerful.
INTU is above the rising 50-day moving average line as well as the long-term 200-day line.
The daily On-Balance-Volume (OBV) line shows a steady rise the past year, both telling us that buyers are more aggressive and confirming the rise.
The Moving Average Convergence Divergence (MACD) oscillator has been above the zero line all year only giving periodic take profits sells.
In this weekly bar chart of INTU, below, we can see the strong rally going back three years. Prices are above the rising 40-week moving average line and any dips towards the line have been buying opportunities.
The weekly OBV line is strong and pointed higher.
The weekly MACD has been above the zero line for more than two years and is still pointed up in a bullish configuration.
In this Point and Figure chart of INTU, below, we can see an upside price objective of $254 being indicated.
Bottom line: INTU is pointed up and probably headed higher to the $250 area next. Traders who are long should risk below $200 and investors below $185.