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.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.