Turbo Tax parent Intuit could make a run at $700 this year
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.
