Stock Of The Day: Intuit Confirms Old Adage Of 'Sell At Former Peaks'
Portfolio Pulse from Mark Putrino
The article discusses the Wall Street adage 'Sell at former peaks' using Intuit Inc. (NASDAQ:INTU) as an example. It explains how stocks like Intuit tend to hit resistance at previous peak levels, leading to potential sell-offs due to trader psychology and buyer's remorse.
August 23, 2024 | 6:33 pm
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Intuit Inc. (INTU) is experiencing resistance around the $672 level, leading to potential sell-offs as traders react to past price peaks. This behavior is driven by buyer's remorse and anxious sellers.
The article highlights that Intuit's stock has repeatedly hit resistance around $672, leading to sell-offs. This pattern is attributed to buyer's remorse and anxious sellers, which could result in a short-term downward trend for the stock.
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