Intuit (INTU) Just Overtook the 20-Day Moving Average

After reaching an important support level, Intuit (INTU) could be a good stock pick from a technical perspective. INTU surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

Shares of INTU have been moving higher over the past four weeks, up 5.7%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that INTU could be poised for a continued surge.

The bullish case only gets stronger once investors take into account INTU's positive earnings estimate revisions. There have been 10 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

Investors should think about putting INTU on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.

Zacks' Research Chief Names "Stock Most Likely to Double"

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This article originally published on Zacks Investment Research (zacks.com).

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Source Zacks-com