Auto 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...
Everything 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...
Apollo Tyre has broken the trendline and also break the channel support, we may see the stock to go further down to next support around 166, traders may go short apollo tyre with target 166 in near term.
Apollo Tyre has been trading in down trend and hovering at 50% crucial fibo level and unable to breakout downside further, traders may enter long up the channel resistance around 210 as 23% of fibo level with small stop loss below 180.
Apollo 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 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.