ApolloTyre- Santa Not Happy with his tyres-Bounce to Sell

AbhishekHSinghCMT Updated   
(L-S)- Long First & Short Later

Since 2009 lows of 14- Apollo Tyre has traced outs its impulsive & explosive 3rd wave at highs of 250 where it travels 261.8% of wave-1 distance. Since top@250's -it has been moving into complex irregular correction whose 2 legs are done & likely final leg is in progress.

From the tops@235- the move is quiet impulsive, which could be start of the last leg in wave-((iv)), so any rebound or bounce which could take Apollo Tyre close to the 200 mark or possibly spends this Santa season-which is last month of 2016- as a puzzle for buyers & sellers with a short term opportunity in between.

Trading Strategy:
Short Term Trader
Look to bounce in the zone 195-200's -if holds, then come out & wait at sidelines to see market reaction

Long term Traders
They should look for any move below 175-180 & sustains below that zone in that case -Tyre could move to the lows of 125-130 in 1st half of Year 2017 similar to lows as it was done in Jan2016.
Trade active: 13:25 Hrs 9th Dec2016

Last Price@195. 55

Day's High@197.60

Short Term Target achieved with 10 bucks push upside from 186 to 197

Trade active: 22:50 Hrs 31st Dec2016

Last Price@185

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle

Telegram Handle

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.