A handful of stocks could see a rally ahead, according to a bullish price chart pattern closely watched by technical analysts. Disney and Cadence Design Systems are among the few companies that have recently formed or are about to signal the "golden cross" pattern , a phenomenon that's used to identify stocks that could be breaking out into a new long-term trend.
Cadence Design Systems is another stock that could soon form the chart pattern. Shares have jumped more than 12% over the past month, driven by its strong third-quarter earnings report. The company had also increased the midpoint of its outlook for non-GAAP earnings per share in 2024. This year, the stock is up nearly 19.3%.
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