Thirumalai Chemicals: Comes Across As Nice Distribution
This stock has been one of the biggest gainers in the past 18 months or so. The price action over the past few weeks is however suggestive of distribution or selling by the smart money or the composite operator as Wyckoff would term it.
Look at the volume signature near the highs and the subsequent price action. Doesn't look too promising to me. If you own the shares, it is probably time to tighten your stop loss. A breakout to new highs, backed by strong volume would make me turn bullish again in this stock.
Look at the volume signature near the highs and the subsequent price action. Doesn't look too promising to me. If you own the shares, it is probably time to tighten your stop loss. A breakout to new highs, backed by strong volume would make me turn bullish again in this stock.
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