CNXAUTO not looking goodAuto sector in India has been a stellar performer for last few years.
Its performance is catching up though. In general the Indian market looks ripe for a correction and in general the hardest bull is usually the hardest bear.
CNXAUTO has just broken though the trend channel. Individual stocks in the sector exhibit similar trait. I small bump up would be an ideal opportunity to go short on this sector in general.
Specifically, maruti, apollotyres, tvsmotor etc.
A lot of of quick money to be had here.
Apollotyres
Apollo Tyres 3 Bullish Patterns BonanzaEverything is in the chart.
T1 is given is height of the pole.
T2 is given as cup depth.
T3 is given as rounding bottom depth.
Could keep stop loss at cup and handle breakout level.
P.S : Wait for end of week confirmation on the breakout. Preferable if the breakout is with above average volumes.
Also look for positive signs on indicators like MACD and RSI. (basics are best).
Please leave your opinions/suggestions to improvise this trade.
Thanks.
Short Apollo Tyre approaching channel resistanceApollo Tyre has been trading in down trend and forming a bearish flag pattern and approaching the bearish channel resistance also, traders may go short on slightly higher price with a target of 175 in near term if broken this level then next target may be around 160 in short term.
Apollo Tyre struggling to break resistance.Apollo tyre after breaking the bearish channel seems to be struggling to break long term resistance (198) 38% fibo level. traders may enter long only if it open above the resistance then it will trader higher else it will trade further down with a target of around 187 in near term.
Apollo Tyre to retest the supportApollo Tyres seems to have entered in to up trend, it made breakout breaking the bearish channel and it closed today exactly at 50% fibo level. the stock today closed with bearish sign (dark cloud cover).traders may enter short for tomorrow and buy at when it retraces to support (buy on dip).
Short Apollo Tyres, trading in bearish channel.Apollo Tyres has been trading in the bearish trend and trading in the bearish channel, it closed green on week end and seems not enough strong to breakout upward. It may test the channel resistance and again may trade in channel support. Traders may enter short at slight higher price somewhere between 191-191.50 for better entry price and small stop loss with a target of somewhere between 179-178 in near term.
APOLLO TYRE can it move up EWACompleting W4/alternate count W4.W with internal structure ZZ. Apollo trye can have immediate trend up for a X wave r W5. immediate short term target can be 203 which is the TL resistance.
Long term targets if its W.V is 223/244/256/278/297
if W.4.X then 207/212/217
Entry 193
SL 188
Target 1 203
Target 2 TSL
risk 5
ROR 1 2
Apollo Tyres approaching near term support 190.00Apollo tyres is looking bearish and approaching to near term support to 190.23-190.00, further upward may be seen tomorrow if market open green up to 204.00 else it may seem to remain in bearish mode. trader may go short in Apollo tyres for a safe target up to 190.50.
Continue holding longs in MRFMRF is not giving any signs of reversal. One can continue holding this stock till we get the start of a corrective move.
Other tyre stocks like CEAT and Apollo Tyres as posted earlier (check the attached links) can be continued to be held (till any visible reversal signs).
ApolloTyres Breakout.. Go Long for Higher Targets!!ApolloTyre has given a Breakout from its Correcting Trend Channel Indicating the upmove has started and confirmed on the upside.. One can go long the stock at current levels or on some corrections retesting the breakout levels around 170 with Stoploss around 152 and long term higher targets of around 270/290. The Third wave has just started and may or may not give chance to enter on corrections as it will be fast move on the upside with several gap up days. This is just my view on the stock.
Happy Trading!!
Siraj Hudda, CFTe
Web: www.prowaveanalysis.com
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Plan the Game for APOLLOTYRE - BreakoutWonderful breakout was observed in APOLLOTYRE. The same trend followed. Touched Support 1 level and again Resistance 2 level same again and again. The Stock is in correction mode, once it is settled, it may make a new high. The RSI is also following the same pattern.
Very soon we can see 200 level in APOLLOTYRE... but before that 160 level which is again a S1 Level for the stock.
Happy Trading