Fibonacci retracement in Apollo Tyre daily chart

Apollo Tyre has again reached historically important levels. Fib retracement is between swing low on Jan 18th and Swing high on March 4th. Aggressive traders can enter above 228. The best next opportunity is above 232, where it can even pull back at least once. Targets are 240 and 260 respectively.

News attached : Tyre prices set to increase due to rising input prices. Satish Sharma, President, Asia Pacific, Middle East & Africa, Apollo Tyres, said the steep increase in raw material prices will necessitate appropriate price corrections in this fiscal. “We have taken two price corrections in December and a minor one in March; considering the continuous upward movement of raw material prices, we would need further corrections,’’ he said.

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