Oric Pharmaceuticals, Inc. (ORIC) Now Trades Above Golden Cross: Time to Buy?

From a technical perspective, Oric Pharmaceuticals, Inc. (ORIC) is looking like an interesting pick, as it just reached a key level of support. ORIC's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.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.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 is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.Over the past four weeks, ORIC has gained 15.3%. The company currently sits at a #1 (Strong Buy) on the Zacks Rank, also indicating that the stock could be poised for a breakout.Looking at ORIC's earnings expectations, investors will be even more convinced of the bullish uptrend. For the current quarter, there have been 2 changes higher compared to none lower over the past 60 days, and the Zacks Consensus Estimate has moved up as well.With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ORIC for more gains in the near future.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 Oric Pharmaceuticals, Inc. (ORIC): 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