Thermax may touch Rs 1200-Rs 1350 in coming days
Thermax Ltd is currently trading around Rs 1100. On the daily scale, the stock has recently given breakout of downward sloping trendline formed by connecting highs from January 2018. After taking support near its crucial short term moving average, i.e. 21-day EMA, the stock bounced sharply. The stock as on December 4, 2018 formed a sizeable bullish candle along with decent volumes, which is positive for the stock.
The 14-period day RSI is quoting around 64.30 which predicts upside momentum in the coming days. The daily MACD stays bullish as it trades above its signal line. On the weekly time frame, the stock has witnessed highest weekly volumes in the last fourteen weeks.
For the short term, Rs 1020- Rs 1000 is likely to act as a major support zone, while on the upside, the stock is likely to touch Rs 1200, followed by Rs 1350 in coming days.