Varex Imaging Corp. Forms Golden Cross, Signaling Potential Bullish Breakout

Varex Imaging Corp., a microcap player in the Pharmaceuticals & Biotechnology sector, has recently experienced a significant technical event known as a Golden Cross. This occurs when a stock's short-term moving average crosses above its long-term moving average, often signaling a potential shift in momentum towards bullish sentiment.
The current technical indicators for Varex Imaging reflect a mixed outlook. The Moving Averages are bullish on a daily basis, suggesting positive short-term momentum. However, the MACD shows a bullish trend weekly and mildly bullish monthly, indicating some strength in the stock's performance. Despite this, the stock has faced challenges over the longer term, with a year-to-date performance of -18.16%, significantly lagging behind the S&P 500's 14.18%.

In the context of the Golden Cross, this technical formation could imply a potential reversal in the stock's recent downtrend, encouraging investor interest. However, it is essential to consider the broader market conditions and Varex's historical performance, which has seen a decline of 44.57% over the past three years. Investors will be watching closely to see if this technical signal translates into sustained upward momentum for Varex Imaging Corp.