CNBC Pro

Kensho Stats: Oil 'golden cross' not that golden

Share
123ArtistImages | Getty Images

Chart analysts got excited about the action in crude oil Tuesday as its 50-day moving average traded above its 200-day moving average, forming a 'golden cross' that's supposed to mark a change in long-term trend. Is this really the end of the two-year downturn in crude?

10-year oil chart

Source: FactSet

Using data from Kensho, an analytics tool used by hedge funds, CNBC Pro searched for what happened to oil and other financial markets one month after oil displayed a 'golden cross' formation.

More In Investing

CNBC ProBank earnings give big bullish signal to investors, showing consumer is flush and spending
CNBC ProAnalysts are loving Netflix shares into earnings because of mega-hit 'Squid Game'