After falling about 52% from it's peak of 714 to a low of 339 on 12 May, INTU began to move sideways for the next 2.5 months, cumulating into a Symmetrical Triangle.
It began to break above this triangle yesterday and today continued on the upward trajectory. The trend is clearly reversing to the upside now and any near term pullback should ideally not fall back into the triangle.
Managed positions with trailing stops on the way up. Expect some resistance as it reaches around 490 - 500 (former support turned resistance).
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!
It began to break above this triangle yesterday and today continued on the upward trajectory. The trend is clearly reversing to the upside now and any near term pullback should ideally not fall back into the triangle.
Managed positions with trailing stops on the way up. Expect some resistance as it reaches around 490 - 500 (former support turned resistance).
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!
Comment:
looking good..