INTU stock is testing its 50-day moving average
One name to monitor as we head into 2020 is software concern Intuit Inc. (NASDAQ:INTU), as the stock has consistently been a top performer in the first quarter. Data from Schaeffer's Senior Quantitative Analyst Rocky White shows INTU has averaged a gain of 10.3% in the first quarter over the past 10 years, and has finished the three-month period in positive territory all 10 times.
Recent options activity suggests traders are betting bullishly, too. The equity's 10-day call/put volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 1.53, showing long calls have easily outpaced long puts. One of the largest increases in open interest during this time frame was at the January 2020 275-strike call.
This comes as Intuit looks to finish up 2019 with a gain of almost 33%, last seen at $261.12. This puts INTU shares just above their 50-day moving average to end the year. Considering this technical strength, we could see some analysts weigh in bullishly, since right now the majority in coverage have "hold" or worse recommendations.
