Swing Opportunity in Apollo Tyres
Updated
Go Long above 224.65 for Targets of 236.25, 247.85, and 259.45 with SL 213.05
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
4. There is a Trendline (marked with green color) which is providing strong support to the stock.
5. In addition to this the stock has given Trendline breakout.
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
4. There is a Trendline (marked with green color) which is providing strong support to the stock.
5. In addition to this the stock has given Trendline breakout.
Trade active
Entry triggered on 15 Sep 2021Trade closed: target reached
Target 1 achieved on 23 Sep 2021Trade closed: target reached
Target 2 achieved on 18 Oct 2021
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