Analysis for Monthly Chart of Apollotyre

Aug 24, 2022

Keep the stock on the radar for the breakout of Resistance1 (262)
This breakout of Resistance1 will also give the breakout of Ascending Triangle Pattern.
The stock has the potential to become an Multibagger stock.

Important Points

• Ascending Triangle Pattern

• The Resistance and the Upper Length of Ascending Triangle are at the same level.

Analysis of Pattern

• Formation of Ascending Triangle Pattern

• The Resistance and the Upper Length of Ascending Triangle are at the same level.

Analysis of Moving Averages

• The stock had started its correction in April 2018, which was completed by testing its 200ema.

• During correction the four ema of 20,50,100,200 periods comes close.

• From Dec 2020 the stock has been consolidating by trading above the four ema lines.

• The Expansion and Contraction of moving averages makes a wave like pattern