BUY INTELLECT with short term holding target of 225
INTELLECTThe 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.
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