Wednesday, June 12, 2024
16.3 C
New Jersey

Stocks on the Verge of Breaking Out: Golden Cross Pattern Signals Strong Rallies

Must read

Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Stocks on the Verge of Breaking Out on Market Rally

Introduction

A slew of stocks in the S & P 500 are poised to break out due to the current market rally, indicated by the golden cross pattern. This pattern occurs when a stock’s 50-day moving average surpasses its 200-day trend line, often signaling upcoming strong rallies. HaberTusba Pro used FactSet data to identify these stocks and here is how they were screened:

  • The 50-day moving average is approaching the 200-day trend line and within 3%
  • The 50-day moving average has not crossed below the 200-day trend line in the past month

Stocks on the Brink of Breaking Out

BlackRock

BlackRock, the world’s largest asset manager, is one of the stocks about to break out even higher. Its shares have surged nearly 7% this month, resulting in over 4% gains for the year. The company recently reported second-quarter results, revealing adjusted earnings per share of $9.28 on $4.46 billion in revenue.

Best Buy

Best Buy is another stock on the verge of surging higher. The retailer has experienced a gain of more than 4% this week, benefiting from the broader market rally.

Synchrony Financial

Synchrony Financial has rebounded 10% in the past month, leading to a 10% increase in year-to-date gains. The stock faced challenges earlier this year during the regional banking crisis.

Other Potential Breakout Stocks

Additional stocks that emerged from the screening process include Bunge (an agricultural company), Paychex (a payroll firm), and Paycom Software.

More articles

Leave a Reply

Latest article