This Adani-group stock flags BIG bullish signal; can it double from here?

The average gain for Ambuja Cements, an Adani group stock, after witnessing 'Golden Cross' formation has been 86% in the last three instances; can history be repeated? Here's what the charts say.

Ambuja Cements, an Adani-group stock, witnessed formation of 'Golden Cross' also commonly known as 'Golden Crossover' on the daily chart this week.  Technically, a 'Golden Cross' formation or a 'Golden Crossover' means that the underlying stock's 50-Day Moving Average (50-DMA) has now crossed over the long-term 200-DMA from below. The 50-DMA of Ambuja Cements now stands at ₹546.40, while the 200-DMA at ₹544.90. CLICK HERE FOR THE CHART  In general, Golden Crossover is considered as a positive sign for the underlying stock, as the short-term (50-Day) moving average now trades above the long-term moving average (200-DMA)