Shore Bancshares (SHBI) Just Flashed Golden Cross Signal: Do You Buy?

Shore Bancshares Inc (SHBI) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, SHBI'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.Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.This kind of chart pattern is the opposite of a death cross, which is a technical event that suggests future bearish price movement.Shares of SHBI have been moving higher over the past four weeks, up 10%. Plus, the company is currently a #1 (Strong Buy) on the Zacks Rank, suggesting that SHBI could be poised for a breakout.The bullish case only gets stronger once investors take into account SHBI's positive earnings outlook for the current quarter. There have been 1 upward revision compared to none lower over the past 60 days, and the Zacks Consensus Estimate has moved up as well.Given this move in earnings estimates and the positive technical factor, investors may want to keep their eye on SHBI for more gains in the near future.Higher. Faster. Sooner. Buy These Stocks NowA small number of stocks are primed for a breakout, and you have a chance to get in before they take off.At any given time, there are only 220 Zacks Rank #1 Strong Buys. On average, this list more than doubles the S&P 500. We’ve combed through the latest Strong Buys and selected 7 compelling companies likely to jump sooner and climb higher than any other stock you could buy this month.You'll learn everything you need to know about these exciting trades in our brand-new Special Report, 7 Best Stocks for the Next 30 Days.Download the report free 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 Shore Bancshares Inc (SHBI): 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