INTU is developing a bullish hammer on strong horizontal support materializing the pullback hypothesis we discussed some days ago. It may be the start of a new long impulse. I have a long position.
I already open some long positions at $110.5. I will wait for some more pullback if any to open the rest of the position.
Waiting for the end of the pullbak and adjust the entry to find appropriate.
The correction has been channelized as shown on the 1H chart. I am still waiting for INTU to hit the $110 to go long.
I have been waiting for more pull back to get long. Likely I can enter long around $110
This week, Intuit made a big move and bombed away the resistance Level at 108$. Trading above that Level is strong bullish.
INTU is about to reach the minimum target of the double bottom pattern.
Double bottom confirmed on important medium term trailing support line. My short term target for a long position is around $106. Aggressive stop loss below $96.85.
If we're profitable on this trade before Fed meeting, I'll exit.. :)
In the analysis we observe that he had been respecting the SMA 100 and 200 units, following its recent report revenues fell almost 14% from $ 102.90 to $ 89, and continued falling until finding support at $ 80. Right now his band oscillation is between $ 82 and $ 92. You could buy or sell speculatively to approach $ 90- $ 92. If respects $ 92 as resistance can be...
Might hit ~75 range. Will have to wait and see what it does later.