THIRUMALAI CHEMICAL LTD
Open-68.65--High-78.45--Low-67.50—Close-76.20
on 20.8.2020
Support:71.95/66.75/65.20/61.45/55.25/51.05.
Resistance: 78.40--82.40/87.90/94.90/96/103.35/114.20/119.45/135.30.
Critical Points moving up:--82.40---90---114.20---137.75--163
Critical Points moving down:--71.95---66.75---55.25---51.05.
(Bold and underlined figures are most important)
It made an all time high of 244 on 9.1.2018 and then moved down steadily and made a recent low of 31.50 on 25.3.2020 after hitting the low it bounced back sharply and made a top of 66.75 on 9.7.2020 and thereafter moved in a range of 66.75---52.45 till 18th August-2020. But on 19.8.2020 it gave the upside breakout from the top of 66.75 and now it is well above it, furthermore it has also closed above its crucial and important point of 71.95 which is an extremely positive sign and if it moves and maintain above 82.40 on the closing basis then the up move may exhibit strong momentum. The overall technical setup indicates that it may cross the level of 82.40 in coming days. After it crosses this level and sustain then the possible upside target could be 90---114.20---119.45---135.30---166.40. Similarly moving down it will find support at 71.95---66.75---55.25---51.05. Sustained break below 71.95 can drag it down to 51.05 and break below it can end the uptrend. It is very likely to see an upsurge in the price in coming days as of now.
In view of the above observation short term investors can enter the stock with small quantity now and then buy on decline at appropriate points but not below 71.95 with a stop loss of 66.50 and can add quantity if it moves and sustain above 82.40 with a stop loss 77.75. Please note that if stop loss is triggered then investor can buy on decline in the range of 55.25—51.05 but not below 51.05 with a stop loss of 48.50 or re-enter once it bounce back above 71.95 again on the closing basis. I once again repeat that the technical parameters as of now indicate that the up move may be ahead in all likelihood. It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL BUY CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.
NOTE: - It is the technical assessment of the stock as of now, the technical
interpretation changes with the price movement and time, therefore investors
are advised to look into fundamental, financial details of the company and last
but not the least management perception for the future of the company before
taking investment decision.
Disclaimer:-The view expressed here are solely of the author and he is not
at all responsible in any way for the outcome of the trade you enter based on
the above view.
Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
