As August comes to a close, a handful of stocks are on the verge of an upward breakout, according to this chart pattern closely watched by technical analysts. The phenomenon, known as a golden cross pattern, occurs when an asset’s 50-day moving average rises above the longer-term 200-day moving average. The pattern is regarded by Wall Street as a bullish sign of a potential rally to come. Here are the stocks on the verge of a breakout, according to data from FactSet: Valero Energy is one stock approaching a so-called bullish golden cross. The energy stock has gained about more than 2% since the start of the year and is nearly 1% higher for August. Its 50-day moving average sits at $124.24, within close distance of its 200-day moving average at $125.21. Shares of Danaher have gained a mere 0.2% this year, but the medical diagnostics company looks poised for a potential uptrend on the horizon. The stock’s 50-day and 200-day moving average last hovered around $249.20 and $250.91, respectively. Last month, Danaher reported second-quarter results that topped expectations, but the company cut its full-year outlook . Packaging materials company Avery Dennison and natural gas name Oneok are also poised to rise. — CNBC’s Fred Imbert contributed to this story.
