share_log

This Favorable Sign Appears On Shinhan Financial Group's Chart

Benzinga Real-time News ·  Jan 18, 2023 09:53

If history is any guide, there may be good fortune ahead for shares of Shinhan Financial Group (NYSE:SHG). A so-called "golden cross" has formed on its chart and, not surprisingly, this could be bullish for the stock.

What To Know: Many traders use moving average crossover systems to make their decisions.

When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses below the long-term average price, it means the trend is lower.

Why It's Important: The 50-day and the 200-day simple moving averages are commonly used.

The golden cross occurs when the 50-day crosses above the 200-day. This could mean the long-term trend is changing.

That just happened with Shinhan Financial Group, which is trading around $34.75 at publication time.

Remember: Seasoned investors don't blindly trade Golden Crosses.

Instead, they use it as a signal to start looking for long positions based on other factors, like price levels and company fundamentals & events.

For seasoned investors, this is just a sign that it might be time to start considering possible long positions.

[TABLE]

Do you use the Golden Cross signal in your trading or investing? Share this article with a friend if you found it helpful!

This article was generated by Benzinga's automated content engine and reviewed by an editor.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment