Newmark Group (NMRK)'s Technical Outlook is Bright After Key Golden Cross

Newmark Group, Inc. (NMRK) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, NMRK's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.There are three stages to a golden cross. First, there must be a downtrend in a stock's price that eventually bottoms out. Then, the stock's shorter moving average crosses over its longer moving average, triggering a positive trend reversal. The third stage is when a stock continues the upward momentum to higher prices.A golden cross contrasts with a death cross, another widely-followed chart pattern that suggests bearish momentum could be on the horizon.Over the past four weeks, NMRK has gained 41.7%. The company currently sits at a #1 (Strong Buy) on the Zacks Rank, also indicating that the stock could be poised for a breakout.The bullish case only gets stronger once investors take into account NMRK's positive earnings outlook for the current quarter. There have been 2 upward revisions compared to none lower over the past 60 days, and the Zacks Consensus Estimate has moved up as well.Investors should think about putting NMRKon their watchlist given the ultra-important technical indicator and positive move in earnings estimates.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmark Group, Inc. (NMRK): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks