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These three stocks are on the verge of forming a bullish 'golden cross' pattern

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These three stocks are about to create a 'golden cross' formation, which technical analysts view as a bullish indicator.

Even as the market trades near its highs, these three stocks could have even more room for upside, according to a popular chart pattern favored by technical analysts as a bullish indicator. This technical indicator is known as a "golden cross," when a stock's 50-day moving average crosses over its 200-day moving average. Investors view a golden cross as a bullish indicator of positive momentum continuing into the longer term.

The consensus price target suggests shares gaining more than 9% from their current level. The company is currently in a dispute with Chevron over assets in oil-rich Guyana . Year to date, Exxon is up roughly 14%. The other oil company close to forming a golden cross is Occidental Petroleum . Occidental has a 50-DMA of 59.65, slightly lower than its 20-DMA of 60.94. To be sure, analysts are mostly sticking to the sidelines on the stock.

 

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