rajveersco

APOLLO TYRES: Bullish Peannant Upside 20%

Long
NSE:APOLLOTYRE   APOLLO TYRES
Stock is in an uptrend for the last 2 months moving with 0.3-0.5 fib retracement. Now pennant is been formed for the next bull run with 20% return in between next 2-3 months if broke the current higher high.

Points to be Note (Technical + Fundamental)
1. Pennant Structure
2. In up-trend for last 2 months
3. Fib levels are 0.3-0.5 & Relative strength restest the positive level. For now, you have to just look at the breakout.
4. Above Critical demand zone
5. P/ BV ratio is highly above 1
6. P/E is considerable to Industry standards (double)
7. Net profit is significantly increased
8. Reserves are increased by 15%
9. Promoters have diluted their shares
10. For sure Apollo will hit the 20% up. As their peer, the JK tires is in bull run form last 6 straight sessions
7. ROCE is affected but above YOY 2020 is 10%


Let me know in the comments what's your views?