INTU - near term upsideINTU 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!
