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Thermax

Accumulate @cmp 700, Target 1000-1300-1600 Plus, Stop Loss 600.




Analysis : According to our analysis Thermax is making triangle pattern in weekly charts. Prices are rallying in positive trend from the past two years and we see this trend to continue with long term positive target of new high levels such as 1000-1300-1600 in coming period. Prices are making higher tops and higher bottoms and showing strong trend line support from all time low level 150 to upside 600-650, this support point is major trend reversal point from trend line support area.

As per the Monthly SEMI LOG chart from first triangle breakout prices can achieve target of 1000 and once price cross 950-1000 target we can see new breakout on monthly long term triangle pattern with target of 1300 -1600.
   
We have bullish view on Thermax and we are expecting this triangle breakout will make new higher top in coming period. we advice make long position at current market price 695 with target of 950-1000 plus with stop loss of 600.  

ADX : As per the ADX we see the Directional Movement +DI is rallying above the Directional Movement -DI with ADX Indicator. The Directional Movement +DI making higher top rallying positively to upside directions and the Directional Movement -DI is making lower bottoms with negative directions. We see Thermax is in power trend and it will be show us new positive levels in upcoming period.




(04.03.14)


Thermax Ltd (Weekly Chart)



























Disclaimer:All information given here is largely based on technical analysis which is highly dynamic in nature and relevant only at a particular point of time. Users are advised to pursue these recommendations only at their own risk and first consult their personal investment advisor when making investment decisions. We are not liable and we take no responsibility for any loss that you incure by trading/investing on our recommendations. these study are posted for educational purpose only.

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