Thermax Limited (THERMAX) Stock - Complete Technical Analysis - Sep 04, 2024

Thermax Limited Technical Analysis: Bearish Signals

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Thermax Limited (THERMAX) currently trades at 4,327. The technical indicators reflect a bearish trend in the short to medium term. The Average Directional Index (ADX) indicates a strong trend but the stock's Relative Strength Index (RSI) suggests it is in the oversold territory, implying potential for a bounce. The MACD is in negative territory, signaling a bearish phase. The Momentum indicator and the Awesome Oscillator both reflect negative momentum, reinforcing the bearish outlook. The Stochastic RSI and Williams Percent Range also confirm oversold conditions.

Support levels are identified around 4,277 and 4,181, based on Camarilla pivots, while resistance levels are found near 4,693 and 4,877 from the Ichimoku and other pivot points. The Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) suggest that the stock is trading below key moving averages, reinforcing the bearish sentiment. The stock is currently below its 10-day, 20-day, and 50-day EMAs, with the 200-day EMA providing a significant support base.

The Average True Range (ATR) indicates higher volatility, suggesting caution. Chart patterns show the presence of a Spinning Top, signaling indecision in the market. Traders should monitor for any potential reversal patterns or confirmation of a trend change before making significant moves.