Are you looking to take advantage of trading ranges in the market to maximize your returns? Intuit (INTU) recently experienced a significant run-up in June, showing a 17% move in just 18 trading days. If you’re wondering where INTU may be headed next and how to strategically position yourself for potential trading range scenarios, read on.
At Extreme Investor Network, we believe in optimizing investment strategies to yield the best returns possible. INTU’s current forward P/E ratio of nearly 39 stands out as a premium compared to the industry average of 28. This indicates both upside potential and potential resistance at key levels. With Fibonacci retracements serving as a guide for projected price targets, we have identified key levels to watch.
To capitalize on potential trading ranges, we recommend employing an Iron Condor options strategy. By simultaneously selling a call credit spread and a put credit spread, you can position yourself for success within a predetermined range. Our suggested trade for INTU involves selling the 680-690 CALL/620-610 PUT Iron Condor Credit with a max profit of $437 and a max loss of $563, expiring on the 26th of July, 2024.
In constructing the put spread, we have selected the $620 – $610 range with a 78% chance of expiring in our favor, based on Fibonacci analysis indicating near-term support around $627. For the call spread, we recommend selling the $680-$690 range with a 75% probability of success, given the upside resistance at $676.
With a potential 76% return on investment as long as INTU stays between $680 and $620, this Iron Condor trade offers attractive returns with a significant buffer for success. Trading platforms typically allow for easy execution of this trade structure as one unit by selecting “Sell Iron Condor.”
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