Apollo Tyres on a weekly chart has taken support at levels of 192-193 and has bounce back giving a divergence on the RSI from a oversold region. The MACD also is showing convergence. A major part of the move has already taken place from 193 to 220.
What needs to be seen is as to how far would this upward move go with Fibonacci retracements placed at 224.5, 235 (for move from 244.85 to 193). Interestingly 235 was the level from which it gave way and move towards 193 and so it needs to be seen as to how does it behave at those levels.
Would be taking a back seat and seeing as to how far would it go before turning around. I would appreciate if someone can put a number to the move and back it up with their explanation on the same.
What needs to be seen is as to how far would this upward move go with Fibonacci retracements placed at 224.5, 235 (for move from 244.85 to 193). Interestingly 235 was the level from which it gave way and move towards 193 and so it needs to be seen as to how does it behave at those levels.
Would be taking a back seat and seeing as to how far would it go before turning around. I would appreciate if someone can put a number to the move and back it up with their explanation on the same.
Trade closed: target reached:
Target T1 achieved.