Some stocks on Wall Street are on the verge of forming a bullish chart pattern as the second half of trading gets underway. Chart analysts tout the so-called golden cross pattern as an exceedingly bullish signal. A golden cross put simply is when a given stock’s 50-day moving average crosses above its 200-day moving average. Analysts also like to see the 200-day moving average sloping upward. Such an occurrence is often seen as a positive trend for the future, especially when supported by large trading volume. Markets have notched a positive first half of the year despite a still challenging macroeconomic backdrop, with the central bank cautioning that more rate hikes could be in store for the second-half of the year. These stocks are just starting their breakout after being held down for most of the year. CNBC used FactSet data to screen for a tranche of stocks on the verge of signaling a golden cross pattern in the second half. The data stems from the beginning of the year through Friday’s Wall Street close. Shares of conglomerate Honeywell International are approaching a bullish golden cross pattern. The company is made up of four core segments including building technologies, aerospace, materials and tech investments. The company largely focuses on engineering and tech. Shares have slipped about 3.2% from the start of the year, but its 50-day moving average of $197.83 is within striking distance of its 200-day moving average of $198.08. Shares closed at $207.50 on Friday. The firm will next report quarterly results on July 27. Another example is commercial real estate firm The CBRE Group , meanwhile, has gained nearly 5% from the start of the year. The stock’s 50-day moving average sits at $75.79 compared to its 200-day moving average of $76.52. Shares of CBRE closed at $80.71 per share on Friday. The firm will next report quarterly results on August 3.
