While the overall market awaits a debt ceiling deal, certain stocks are forming notable patterns followed by chart analysts: the bullish golden cross and the dreaded death cross. A golden cross is when a stock’s 50-day moving average crosses over the 200-day moving average. Investors typically view it as a bullish indicator. Names that are approaching a golden cross include medical-equipment company McKesson and railway giant CSX . Meanwhile, a death cross is the exact opposite. It portends an upcoming downturn for a stock, when the 50-day moving average falls below the 200-day moving average. Stocks closing in on a death cross pattern include American Express and United Parcel Service. CNBC Pro used FactSet data to screen a broad universe of stocks and shares that are close to forming these patterns. Take a look at the two lists below, and where analysts see them going in the coming months. A bullish pattern forms Shares of paint company Sherwin-Williams are forming a bullish golden cross. The average analyst price target, according to Refinitiv, suggests the stock could rise by more than 10%. Fourteen out of 30 analysts covering the stock rate it a buy or a strong buy, Refinitiv found. Shares have declined roughly 4% year to date. Abbott Laboratories is another stock flashing bullish signs. Shares could see upside of more than 17%, based on analysts’ mean price target, Refinitiv found. In all, 19 of the 25 analysts covering the stock rate it a buy or strong buy. The company’s abnormal heart rhythm treatment TactiFlex recently received approval from the U.S. Food and Drug Administration. Shares are down 3% in 2023. A warning of potential downside T-Mobile has gained more than 8% over the past 12 months, but shares are up about 1% year to date. A decline may be around the corner for the stock, as it approaches a death cross formation. To be sure, almost 85% of analysts covering the stock have issued a strong buy or buy rating, per Refinitiv. Analysts’ average price target implies 27% upside. While the company beat on earnings per share for the previous quarter, its revenue fell below Wall Street’s estimates, according to FactSet. Shares of shipping giant UPS are also on pace to form a death cross. The stock has underperformed year to date, slipping about 2%. CEO Carol Tomé said in April that the company expects “volume to remain under pressure” due to a challenging macro environment. Nonetheless, more than half the analysts polled by Refinitiv issued a strong buy or buy rating. The consensus price target suggests shares could gain more than 11%.
