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Golden cross stocks: Potential candidates for your watchlist

12 February 20243 mins read by Angel One
These stocks witnessed golden crosses today, potentially signalling an upswing. The stocks are Ig Petrochemicals and Steel Exchange India.
Golden cross stocks: Potential candidates for your watchlist
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In the world of technical analysis, there are few chart patterns as widely recognized and celebrated as the golden cross. This occurs when a stock’s short-term moving average (usually the 50-day) crosses above its long-term moving average (usually the 200-day). This is often seen as a bullish signal, indicating that the stock is breaking out of a downtrend and entering a period of uptrend.

But before you jump on the bandwagon and start buying every stock that experiences a golden cross, it’s important to remember that no technical indicator is foolproof. Always do your own research before making any investment decisions.

That being said, a golden cross can be a helpful tool for identifying stocks that are worth further investigation. So, let’s take a look at stocks that saw golden crosses today:

1. Ig Petrochemicals Limited

(IGPL) is a petrochemical company that produces and distributes phthalic anhydride manufacturer (PAN), a commercial form of phthalic acid. It also produces maleic anhydride, used in the manufacturing of unsaturated polyester resins which find application in automobiles, tanks and pipes, lubricants, and food industries.

Ig Petrochemicals Limited

Today’s golden cross could be a sign that the uptrend still has room to run.

2. Steel Exchange India Ltd

Steel Exchange India Limited manufactures and sells steel products in India. It operates through Trading, Steel Ingot, and Integrated Steel Plant divisions. The company produces ingots using sponge iron and scrap/pig iron; TMT bars; sponge iron products, including lumps, fines, and briquettes; and steel billets. It also trades in various products ranging from finished steel products to semis, coal, scrap, sponge iron, etc. The company sells TMT bars under the Simhadri TMT Bars brand. In addition, it generates power from waste heat. The company was incorporated in 1999 and is based in Visakhapatnam, India.

Steel Exchange India Ltd

Today’s golden cross could be a sign that the downtrend is finally over.

Important things to remember:

  • A golden cross is just one technical indicator, and it should not be used as the sole basis for making investment decisions.
  • It is important to consider other factors, such as the company’s fundamentals, valuation, and overall market conditions, before investing in any stock.
  • Past performance is not necessarily indicative of future results.

Disclaimer:This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions. 

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