These stocks are on the verge of forming a bullish chart pattern

📆 20/6/2023 1:10 AM
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The market just enjoyed a big relief rally and some stocks are on the verge of breaking out even higher, according to a bullish chart pattern.

CNBC Pro used FactSet data to screen the S & P 500 for stocks that are about to form a so-called "golden cross," in which their 50-day moving average breaks above the 200-day trend line. This has been a reliable bullish signal that historically indicates strong rallies on the horizon.

Shares have gained 7% this month after the company reported first-quarter results in line with analysts' expectations, according to FactSet. Dow-component Honeywell International is also on the brink of a "golden cross." The industrial name has rallied nearly 6% in June. Capital One Financial could also be breaking out soon. The stock has rebounded after losing double-digits amid March's banking crisis.

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