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Golden Cross Pattern: Stocks on the Verge of Breaking Out
BlackRock
BlackRock, the world's largest asset manager, is one of the stocks that is on the verge of breaking out even higher. With shares rallying nearly 7% this month, the company's 2023 gains have already exceeded 4%. BlackRock recently reported second-quarter results, recording $9.28 in adjusted earnings per share on $4.46 billion in revenue. This positive performance positions BlackRock as a potential candidate for a strong rally in the market.
Best Buy
Another stock that is about to surge higher is Best Buy. The retailer has seen a gain of over 4% in just this week alone, which is a testament to the broader market rally. Best Buy's consistent growth in the market makes it an attractive option for investors looking for potential breakouts and strong rallies.
Synchrony Financial
Synchrony Financial has experienced a rebound of 10% in the past month, pushing its year-to-date gains to 10%. This stock faced challenges earlier this year during the regional banking crisis but has managed to recover and show promising signs of improvement. Synchrony Financial's potential breakout puts it in a favorable position for a strong market rally.
Other Stocks
Several other stocks have also emerged as potential breakout candidates based on the golden cross pattern. Agricultural name Bunge, payroll firm Paychex, and Paycom Software have all shown indications of forming this bullish chart pattern. These stocks present investors with potential opportunities for growth and strong rallies in the future.
By utilizing the golden cross pattern and screening the S&P 500, CNBC Pro's analysis has identified multiple stocks that are on the verge of breaking out. With the 50-day moving average approaching the 200-day trend line, these stocks offer investors the potential for strong rallies and significant gains. BlackRock, Best Buy, Synchrony Financial, and other stocks mentioned present attractive options for investors looking to capitalize on market momentum and maximize their returns.
In conclusion, the golden cross pattern presents a promising opportunity for new businesses looking to understand market trends and their potential impact on stock prices. The stocks mentioned, such as BlackRock, Best Buy, and Synchrony Financial, have demonstrated strong performance and are on the verge of breaking out even higher. This indicates that there may be a broader market rally in the near future.
For new businesses, this information can be valuable in several ways. Firstly, it provides a glimpse into the current market sentiment and investor behavior. By observing stocks that are on the verge of breaking out, new businesses can gain insights into what sectors or industries are gaining traction and becoming more attractive to investors.
Additionally, understanding the golden cross pattern can help new businesses identify potential investment opportunities in the market. By analyzing stocks that exhibit this bullish chart pattern, new businesses can pinpoint stocks that have the potential for strong rallies and significant gains. This can be particularly useful for businesses looking to diversify their investment portfolio or for those seeking to maximize their returns in a volatile market.
Overall, keeping an eye on stocks that are on the verge of breaking out based on the golden cross pattern can provide new businesses with a strategic advantage. By staying informed and leveraging this information, they can make more informed investment decisions and potentially capitalize on market momentum.
Article First Published at: https://www.cnbc.com/2023/07/19/these-stocks-are-about-to-break-out-according-to-the-bullish-golden-cross-chart-formation.html.svg)
