Thermax Limited (THERMAX) Stock - Complete Technical Analysis - Nov 08, 2024

Thermax Limited (THERMAX) Stock Analysis: Support, Resistance, and Trend Insights 2024

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) stock is currently priced at 5,131, significantly higher than its 52-week low of 2,500.25, reflecting solid gains of over 105%. However, the stock remains 12.14% below its 52-week high of 5,839.95, which occurred in July 2024. Technically, the stock has recently formed a bullish engulfing pattern, suggesting that it may experience continued upward momentum in the near future.

The key support for THERMAX stands at 5,080, with a stronger secondary level around 5,050. If the stock breaks below 5,080, traders may consider this as a sign of weakness. Resistance is seen at 5,160, with the potential for further price action to the upside if this level is broken. The stock is currently holding above key moving averages, such as the 10-day and 20-day EMAs, which can act as short-term support.

Key indicators such as the RSI are currently neutral, with no immediate overbought or oversold signals. The MACD is in a positive zone, indicating that the stock is in a bullish phase, but the trend strength remains weak as evidenced by the ADX value of 19.48. This suggests that while there is some upward pressure, the trend is not very strong, and the stock may be in a consolidation phase. The Ichimoku Base Line at 5,264 will likely provide resistance if the stock continues to rise.

Given the current technical setup, traders should monitor the 5,080 support level and look for a break above 5,160 for potential long entries. A failure to hold 5,080 may signal weakness, leading to a retest of lower levels.