Earlier this week, we noted that the price action in Intelligent Systems $INS looked ready for a bullish breakout from a recent consolidation. Intelligent Systems Corp. (INS) - Price Action Positive for a Bullish BreakoutThe break out has indeed materialized. INS Daily Chart(click to enlarge)Bullish Continuation:- As we can see on the daily chart, share price took a dip in May and then consolidated sideways in June. - Even though there was a sharp pullback, price was still above the 200-day simple moving average (SMA), and the moving averages were still in bullish alignment. Nonetheless it was an alarming pullback. - Maybe it is the start of a longer-term consolidation, but so far, it is not a strong sign of a bearish market yet.- At the end of June, price and volume was strong and we noted that as a basis for a subsequent bullish breakout.- With price breaking out during the 7/10 session, the $30.60-$32 area will likely become a key support in the context of a bullish continuation scenario.- In this scenario, we can also anticipate price retesting the highs on the year around $47.50-$48.I entered a long very small position at $28 after the initial pullback. Now I am looking to add more if price pulls back to $32.