Nov. 14 at 2:52 AM
$INTU: The current market context shows a last close of
$650.11, with an RSI of 32.6 indicating an oversold condition, suggesting potential for a price rebound. The price is below both the 30-day MA of
$661.71 and the 50-day MA of
$667.67, reinforcing bearish sentiment in the short term. However, the RSI indicates that a reversal could be imminent.
Directional bias leans towards a bullish reversal due to the oversold RSI. The 60-day high of
$705.08 and low of
$633.47 establishes a trading range, providing a framework for potential price movement.
Suggested entry is at
$653, slightly above the last close to confirm upward momentum. Set a stop loss at
$640 to mitigate risk. Target 1 is
$670, aligning with the 30-day MA, and Target 2 is
$685, approaching the 60-day high.
Monitor the price action closely for confirmation of the reversal before entering the trade.
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