INTU hit the low on 13 May and has not gone any lower since. It has been chopping sideways for almost 2 months and appears to be forming an ascending triangle (odds of breaking up is greater).
On the monthly chart, we are seeing a possible 3rd inside bar this month and also a bullish divergence with the RSI.
A breakup of the ascending triangle at 425 could be early signs of optimism. However, an bounce right now may still be on a short term swing basis only until we see more signs of a sustainable reversal.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
On the monthly chart, we are seeing a possible 3rd inside bar this month and also a bullish divergence with the RSI.
A breakup of the ascending triangle at 425 could be early signs of optimism. However, an bounce right now may still be on a short term swing basis only until we see more signs of a sustainable reversal.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!