Published on 18 Jun 2024 on Zacks · via Yahoo Finance
Cocrystal Pharma, Inc. (COCP) Now Trades Above Golden Cross: Time to Buy?
After reaching an important support level, Cocrystal Pharma, Inc. (COCP) could be a good stock pick from a technical perspective. COCP recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.
There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.