Apollo Tyres has come out of 2 year long consolidation & now taking support of breakout line.... Rounding bottom pattern has also observed..... ADX & DI indicating strong strength...
Buy position can be initiated in Apollo Tyres for target of 300
CEAT is currently at a crucial stage where its facing a resistance from an old trendline and support by a channel
Please take your decisions based on the direction of breakout (at your own risk) :P
Here is the bigger picture on daily chart:
Apollo tyres CMP 222
The stock is today giving some signs of reversal from trend line resistance.
One may consider
selling Apollo Tyres April series
Lot size 3000
Strike Price: 230
Margin requirement: Rs 96000/- approx
Max profit potential Rs 10500 /- per lot
Thats a potential of 10.9% on margin amount
Holding period: till 27th...
Tyre Sector has been in focus from past 2 days due to falling Crude & Rubber prices & with 9000 broken in upside the laggards will start to catchup.
Now, it shall further move up from here with support of the channel.
Target: 136(Very Short term)
Stoploss: 122 (Closing Basis)
Target: 149 (Short term)
Stoploss : 117
Wonderful 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...