Apollo tire charts shows a Bearish continuation rising wedge pattern.
However we can see support of 50 EMA @ 104.
If support is broken, there will be downward movement.
Research for Educational Purpose only
Now Apollo Tyre stock has started the uptrend & on daily TF the same is trading above the 50 EMA level. Now currently stock is at the daily BO level of 115. We can take long entry above 115 for the next target level as 129 indicated on the charts. Once the stock successfully cross the level of 135 we can see more strength . So add the stock in your watch list &...
The stock rebounded from 50 DSMA.
I expect the stock to have another Doji between 100 DEMA at 112.7 which has acted as a strong resistance and 50DSMA at 107
Follow ORB in the direction of NIFTY for the aforesaid targets.
A clear break above 113 on the hourly chart should open significant upswing! Beware of Bull Traps though. Check for confirmation.
Apollo Tyres can be bought at CMP with stop loss of 105 or as per one's risk appetite.
Nearest resistances are around 133 and 142 levels so stock can face supply there and those are the price levels where we can book profits.
Also, tyre companies are in focus which can further lift up the trend of the stock.
The stock finally completed its retracement to 0.618 levels today
Some consolidation may happen here - depending on how NIFTY behaves.
Buy above the high of today, 118.2 for 120 as the immediate target.
118.2 should then function as support for rally to 130 & beyond with some consolidation happening around it.
This Stock Was Moving slowly and trading in small range from
Can buy with a tight stoploss if goes Up can go up with Fast momentum because of short covering.
For Educational Monitoring Purpose
Trade on your own Risk