Several stocks are heading towards what investors generally consider to be bullish price chart patterns that could play out well in September. Stocks have recovered from their August slump, with all three major indexes ending the month higher. By late Friday, the S&P 500 was up about 1.9% this month, the Dow Jones Industrial Average was up 1.5% and the Nasdaq Composite was up 0.2%. Friday’s gains in the S&P 500 and Nasdaq Composite came on the heels of a report on July’s personal consumption expenditures price, the Federal Reserve’s preferred inflation gauge, which met Wall Street expectations and bolstered hopes that the central bank will begin cutting interest rates at its next policy meeting on Sept. 18. But some stocks, such as Clorox, may just be showing the beginning of a bullish pattern, as Clorox is part of a subset of stocks that have formed or are on the verge of forming a golden cross chart pattern (when the 50-day moving average crosses above the 200-day moving average). Analysts believe moves make the most sense when a stock’s 200-day moving average is sloping upward. Here are some of the stocks that showed up when CNBC Pro screened FactSet data for golden crosses. Shares of the Clorox bleach and Glad Bag maker have risen more than 20% in the past month. As a result, Clorox’s 200-day moving average is not only flashing a golden cross, but it’s also starting to slope upward. Today’s bullish signal follows a so-called “death cross” chart pattern, the opposite of the golden cross that emerged in May. Investors primarily view Clorox as a defensive investment in case the economy slows, and they also value its dividend yield of more than 3%. The Clorox Co. this month reported fourth-quarter profits that beat Wall Street expectations and its fiscal 2025 profit outlook also beat analysts’ expectations. Teleflex shares of the specialty medical equipment company have risen about 19% in the past three months. The company’s 50-day moving average is about $225.45, comfortably within reach of its 200-day moving average of $226.61. Teleflex’s second-quarter profit beat Wall Street expectations in early August, and the company also raised the upper end of its full-year guidance. Piper Sandler analyst Matt O’Brien upgraded Teleflex to overweight from neutral in July, predicting that earnings pressures will ease next year while valuation remains attractive. Crown Castle Crown Castle also suggests a golden cross. The real estate investment trust’s shares are down about 3% in 2024, but have risen more than 12% in the past three months. Online dating platform Match Group shares have soared nearly 24% in the past three months. The company’s second-quarter revenue beat Wall Street expectations in July, coming in at about $864 million, while analysts surveyed by FactSet had expected $856.5 million. Shares of warehouse real estate investment trust Prologis have surged more than 18% in the past three months.
These stocks may rise in September after forming a “golden cross.”
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