It looks like Apollo tyres is in its Flat pattern (ABC) completion on the DAILY time frame and is currently continuing to finish the next leg of the C wave. The correction within the C (The running flat) wave is done and now its heading lower towards the "A" @ 126 levels from where its most likely to reverse and go upwards. Long positions could be avoided and a...
The stock looks likely to be loosing its grip. It may be looked for downside target of 224 / 221 in the short term
View gets invalidated if trades above 233
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NEW YEAR TRADE
APOLLO TYRES HAS MANAGED TO BOTTOM OUT
AND IS MOVING HIGHER WITH THE SUPPORT OF
A UPWARD TRENDLINE
TRADE THE TRENDLINE AND USE THE ABOVE
LEVELS FOR SUPPORT
The stock seems to have reversing the downtrend. It has formed double bottom with higher RSI reading and now trading above the Neckline. It is offering a good Risk to Reward trade as details given below
Target 250 - 253 - 259
RR Ratio : 3
RSI is also confirming the trade decsion.
Disclaimer : All ideas are my personnel view. Please take...
1) Bounce with double bottom from long term trendline
2) ok result with good accumulation ; currently at trendline
3) Fundamentally apollo tyre biz should have tailwind of lower rubber and crude cost - trades at 13-P/E
4) High sale of CVs in last 2 years will have stronger replacement demand which will have better margins
POSITIONAL TRADE IN APOLLO TYRES
CLEAR DOUBLE BOTTOM FORMATION
VOLUME PICTURE NOT SHARED
IF FEARING THE FALL CHOOSE OPTIONS
BUY 240 CE@2