A 52 Week High for Intuit, will it Hold?

Published on Monday, 23 January 2012 12:34 Written by Christopher Lynn

New York, January 23rd (TradersHuddle.com) - Shares of Intuit Inc. (NASDAQ:INTU) booked a new 52 week high today by trading above $57.45, traders are definitely monitoring Intuit's price action to see if this move attracts further buying into the stock.

Intuit Inc. (NASDAQ:INTU) develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals. The company products include Quickbooks, Quicken and Turbo Tax income tax preparation products and services for consumers and small business owners.

Intuit is currently trading -0.72% versus its previous trading session close, and it has calculated support and resistance at $50.89 and $55.60 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.33% from its previous trading close, which means that Intuit stock is underperforming the overall market.