Chart pattern looks prudent and paving way for the above titled short view
REASONS
1. Apollotyre has been trading inside the Expanding Triangle (shown below - Monthly wholesome view)
2. Now, it seems it has finished the upswing move and ready for downswing inside the channel.
3. Weekly time frame shows the Ascending channel in which it is travelling smoothly respecting the levels.
4. Shooting star weekly candle at the perfect trendline resistance adds probability to the Short view
5. Strong DAY close above the shooting star candle can be the perfect stop loss(if entering now- bit high risky) & Target levels too mentioned as bright dashed green lines.
6. This is a long term view....it needs to breakdown out the purple trendline(which we can expect in next few days) and then out of the yellow channel
7. Breaking down out of the Yellow channel can be the confirmation for less risky entry.
Remember, Apollotyre is one of the Most volatile FnO stock(more than twice of nifty) and we can expect the same nature in future too
will update as it moves!!!
NOTE- Just Sharing my view...not a tip nor advice!!!!
REASONS
1. Apollotyre has been trading inside the Expanding Triangle (shown below - Monthly wholesome view)
2. Now, it seems it has finished the upswing move and ready for downswing inside the channel.
3. Weekly time frame shows the Ascending channel in which it is travelling smoothly respecting the levels.
4. Shooting star weekly candle at the perfect trendline resistance adds probability to the Short view
5. Strong DAY close above the shooting star candle can be the perfect stop loss(if entering now- bit high risky) & Target levels too mentioned as bright dashed green lines.
6. This is a long term view....it needs to breakdown out the purple trendline(which we can expect in next few days) and then out of the yellow channel
7. Breaking down out of the Yellow channel can be the confirmation for less risky entry.
Remember, Apollotyre is one of the Most volatile FnO stock(more than twice of nifty) and we can expect the same nature in future too
will update as it moves!!!
NOTE- Just Sharing my view...not a tip nor advice!!!!
Comment:
Respecting the levels!!!
Comment:
RSI doesnot seem supporting the upmove...divergence seen...let's see!!!