BUY INTELLECT with short term holding target of 225

14 May 2018

INTELLECT

The stock broke out of a Double Top formation and attempted breakout above 205. However, after marking highs near 217 the stock suffered a classical throwback. A breakout was likely as the stock had closed outside its upper Bollinger band after which it saw a temporary pullback inside. On the Weekly Charts, the stock has closed outside its upper Bollinger band which shows a breakout is more likely. While it remains in a large rounding bottom formation on the Weekly Charts which is bullish, the Weekly MACD has reported a positive crossover. Some resumption of up move is likely over coming days.