This micro-cap soars nearly 15 per cent on July 15! Know the target levels here!

All the momentum oscillators and technical indicators point in the northward direction. Overall, the stock is extremely bullish

CMI Limited is a micro-cap company engaged in the business of cable manufacturing. It includes a complete production cycle, right from the development, design, and manufacturing to the marketing & distribution of cables to larger companies. It is a micro-cap company with a market capitalisation of about Rs 44 crore. Currently, it has become the talk of the town due to its splendid performance in recent times.   

After forming a base at the zone of Rs 20-Rs 21, the stock witnessed a strong buying spree, soaring over 35 per cent in the last four trading sessions. Such strong momentum is quite evident from the above-average volume registered during this period. The volumes tend to be greater than the 10-day, 30-day, and 50-day average volumes. On Friday, it crossed above its prior swing high level of Rs 26.40. Moreover, it went past the 50-DMA hurdle, which stood at Rs 26.50 level. It formed a strong bullish candle, and thus, has a bullish price structure.   

The RSI too indicates a strong strength in the stock. The MACD histogram is rising steadily and shows a strong upside. All the momentum oscillators and technical indicators point in the northward direction. Overall, the stock is extremely bullish.   

As per the price structure, the stock is expected to test the 100-DMA level of Rs 30.65, followed by Rs 33 in the times to come. It provides a good trading opportunity and is a good short-term trading idea. Swing traders can expect good gains from this stock in the near term. Keep an eye on this stock to track its further performance.