Apollo Hospital - Trendline Breakout It has been observed that the price action bottoming out as it formed an exhaustion candle stick at support zone, indicatng sellers exhaustion and now it breaks above the downward trend line indicating buyers comeback and it shall further rally from here on if it manages to close above 1000 levels.
T1- 1050
SL-990
Apollohospital
Apollo Hospitals - Trend Continuation Apollo Hospitals
CMP - 1232.05
SL and Target marked on the chart.
Reason -
It's in downtrend,
and trend continuation is what I follow as it provides a good R.R.R. ( in this case 1:4 )
Here, prices have trended down, consolidated, can be expected to move down more.
Apollo Hospitals set to go upward directionApollo Hospitals Ltd trading in consolidation period and it closed on long term support in last week end, there may be good opportunity to long on this stock at CMP, for a target of 1330.00 in coming week, and if it breaks the triangle pattern then it may approach the target of 1443.00 in near term. traders may wait at 1330.00 to see if there is breakout occurs then hold the stock for next target alternatively exit when hitting the triangle resistance.