A tranche of stocks are standing out amid a busy second-quarter earnings season, and these names are on the verge of a bullish upward path. A golden cross chart pattern is lauded by chart analysts as a bullish indicator. Put simply, this pattern occurs when a stock’s 50-day moving average crosses above its 200-day moving average. Analysts signal that the pattern is on the verge of occurring when a stock’s 200-day moving average is sloping upward. The trend is often viewed as a positive trend as well, especially when taking trading volume into account. CNBC Pro screened FactSet data for stocks approaching a golden cross pattern. The data stems from the beginning of the year through Monday’s market close. IBM stock is approaching the threshold to form a golden cross chart pattern on Monday with a 200-day moving average of $134.98 and a 50-day moving average of $134.27. IBM stock closed at $144.18 on Monday. The company recently reported a second-quarter earnings beat with an adjusted $2.18 per share, while analysts polled by Refinitiv forecasted $2.01 per share. Shares have gained 2.34% in 2023, as of Monday’s close. Qualcomm stock, meanwhile, has jumped 20.2% from the start of the year. Shares closed at $132.17 on Monday. Meanwhile, Qualcomm’s 50-day moving average of $118.62 is on the cusp of crossing its 200-day moving average of $119.37. The company will next report quarterly results on Wednesday. The chipmaker has seemingly benefited from the explosion of investor interest over artificial intelligence in 2023, a movement that has lifted semiconductor stocks. — CNBC’s Nick Wells contributed reporting.
