Thirumalai Chemicals Long Trade for Short and Long Term.
The stock has been giving a breakout from its ascending Triangle on weekly basis and then from a 6-month consolidation phase and a straight upmove to 134 levels. This level of 134 was a minor resistance but it managed to close above it and is also
retesting it very smoothly on low volumes supporting the view for a long trade for swing.
The recent financial numbers says there is more potential for the stock to go higher. For the short term one can expect the stock to move further to 172-175 levels.
There are more delivery trades happening into this stock. Hence one can also invest into it for long term benefits.
PS - Even if the price falls down below 134, it has now a great support at 110-115 levels. Therefore suggested Stoploss at 103 for long horizon.
Trade accordingly :D
#Happy trading.
#PurePriceAction.
retesting it very smoothly on low volumes supporting the view for a long trade for swing.
The recent financial numbers says there is more potential for the stock to go higher. For the short term one can expect the stock to move further to 172-175 levels.
There are more delivery trades happening into this stock. Hence one can also invest into it for long term benefits.
PS - Even if the price falls down below 134, it has now a great support at 110-115 levels. Therefore suggested Stoploss at 103 for long horizon.
Trade accordingly :D
#Happy trading.
#PurePriceAction.