Top Stock Picks for 2024: Intuit

INTU is ready for its next leg higher in 2024

Senior Vice President of Research
Jan 12, 2024 at 2:24 PM
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Every day for the next three weeks, we're going to highlight one of Schaeffer's top 12 picks for 2024. First up this week, we have fintech stock Intuit Inc. (NASDAQ:INTU). To access the entirety of the 2024 report, click here.

Tax software stock Intuit (INTU) has outperformed the Nasdaq Composite Average (NDQ) over most measurable periods both short-and long-term. Even amid bouts of volatility, INTU carved out channels of higher highs all throughout 2023. Shorter term, the stock has consolidated above the 61.8% Fibonacci retracement level, and after some gathering, a sustained move above this area could catapult Intuit stock back up to $640 and 20% higher in 2024.

Longer term, keep an eye on the security's November 2021 highs above $700; if this area of historical resistance doesn't cap another breakout, the security has strong potential to set new record levels in the next 12 months. With the equity up 52% year to date and 48% year over year, any ongoing strength and momentum put all-time high levels of $715 within sight. 



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