Explanation of a Golden Cross
As long-term indicators carry more weight, the Golden Cross indicates a bull market on the horizon and is reinforced by high trading volumes. Additionally, the long-term moving average becomes the new support level in the rising market.
Technicians might see this cross as a sign that the market has turned in favor of the stock.
The BLT chart certainly exhibits these characteristics and a Golden Cross looks on the cards. I am no longer worried about La Jolla Cove because their shares are easily be absorbed by the market.
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