Published on 29 Mar 2024 on Zacks via Yahoo Finance
McEwen (MUX) Just Flashed Golden Cross Signal: Do You Buy?
McEwen Mining Inc. (MUX) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, MUX's 50-day simple moving average broke out above its 200-day moving average; this is known as a "golden cross."
A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most common moving averages being the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.