Momentum Trades — Trades 3 & 4 (IGL & INFY) — 8 March 2022

Here are my stock trades/set-up explanations & charts

Photo by m. on Unsplash

Indraprastha Gas Limited (NSE: IGL)

Yesterday, we traded ONGC, and I explained in numerous blogs that the current global scenario is pushing Oil & Gas, Energy prices high, and thus, it is a favorable environment to trade stocks in these sectors.

Let’s look at the charts for Indraprastha Gas (IGL).

We checked for supports on a daily & weekly chart, and the stock rebounded a bit on the support line. There was accumulation and above-average volume, which indicated buying action.

Upon further analysis:

1. The MACD had a golden cross or bullish cross over
2. Stochastics had a bullish cross over and was in an oversold region
3. RSI went up sharply, indicating the trend reversal.

Towards the end of the trading day, the volume has spurted so high indicating more buyers to…