INTU offers a near-term bounce play to $352 if price falls to $300 support; today's recovery prevented this setup.

Next up guys into some earnings. Now earnings reactions on Intuit yesterday. They reported earnings yesterday after hours and declined nicely to open the day down here in the low 320 range but closed all the way back up here at $345.

The initial reaction after hours as you can see if I flipped to the 10-minute chart in this extended trading hours. Look at this. We dropped all the way down here to just over $300.

And that's where I was anticipating price to come today but price never gave us that opportunity. If you see down here at $300, not only do we have the entry into the parallel channel with this one candle but then we also have a gap filled down here at $296.33 backed up by an inclining support trend line and the bottom of the parallel channel.

So there's an awful lot of support down here at $300 if Intuit can start trading a little bit lower in the near-term future. Could be a near-term bounce play right back up to this inclining trend line at $352.

Today didn't give us that opportunity. Instead the bulls took back over. Very nice recovery despite still being down 3.24% on the day.