In an executive interview during Wednesday night's Mad Money program, Jim Cramer checked in with Sasan Goodarzi, president and CEO of Intuit (INTU) , the small business accounting software provider, which just announced an incredible quarter that included an 83% rise in sales.
Goodarzi said that small businesses have been hurting and Intuit continues to do everything they can to help them out. The company is handling everything from PPP loans to managing cash flows.
Goodarzi said this year's extended tax season and quarantines meant more people than ever filed their taxes online and used TurboTax to help them file with live advice from tax experts.
We last checked out the charts of INTU on May 27 and we wrote that, "The daily bar chart of INTU is not really convincing but our other charts tell a bullish story. Aggressive traders could go long INTU at current levels risking a close below $270. The $315 area and then the $385 area are our potential price targets."
Let's see what the charts look like now.
In the updated daily bar chart of INTU, below, we can see how strong prices have been over the past few weeks. The shares have soared to new highs, reaching and passing our $315 price target. Our $385 target is much closer now. Prices are above the rising 50-day moving average line and the rising 200-day line.
The On-Balance-Volume (OBV) line has turned up sharply since late July and tells me that recent buyers of INTU have been very aggressive. This tends to confirm and support the rally. The Moving Average Convergence Divergence (MACD) oscillator has turned upward this month for a fresh outright buy signal.