NSE:APOLLOTYRE On 1H time frame apollotyre has been forming a bullish price channel with possibility of price rebounding from the main trend line. There are two possible setups in the near future:
1) Delivery Setup: Price can rebound from 172.70 with SL at 170.80 and potential target at 185. RR: 6.15
2) Short Setup: Sell at 185.05 with SL 186.65 and TP 181.95....
Overall long term chart is weak
short term it Has bounced well from its lows of 144 in early aug to 172 levels now
It is currently in a no trade zone.. I would wait for it to go below 167 where a down move can start. With stops at 176 we can expect a new intermediate downmove to take us back to 144 possibly.
AFTER CONSOLIDATION IN UPTREND IT SEEMS IT MAY BREAK OUT TO 181-182 LEVELS
TRADE SHOULD BE TAKEN ONLY AFTER BREAK OT OF THE CONSOLIDATION.
IT HAS STRONG SUPPORT AT 168.5
NSE:APOLLOTYRE Expected short possibility on the break above 173 at 174.65 with SL at 176.15 and TP at 171.70
Note:
Consult your registered adviser before taking any decision.
Always risk 1% of account size per trade, adjust the position size accordingly.
Apollo Tyres Limited is engaged in manufacturing and sale of automotive tires. The Company's segments include India, Europe and Others. The Indian segment includes manufacturing and sales operations through India. The European segment includes manufacturing and sales operations through the plant at the Netherlands along with its subsidiaries. The Others segment includes the subsidiary in the United Arab Emirates, South Africa, Thailand and other operating subsidiaries. It manufactures tires, tubes and flaps. Its products include Passenger Vehicle, including ALNAC, ALNAC 4G, AMAZER 3G MAXX and AMAZER 4G; Commercial Vehicle, including AMAR, AMAR AT-RIB, AMAR DLX, AMAR GOLD and CARGO PLUS XR; Off Highway Tyre, including AGREX 85, BHIM, DHRUV, FX 515 (ROW CROP) and FX 525, and Two Wheeler Tyre. The Company has approximately four tire manufacturing plants, over two located in Cochin, and one each at Vadodara and Chennai.
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APOLLOTYRE
![APOLLOTYRE: APOLLOTYRE Delivery Setup & Short Setup [Intraday]](https://s3.tradingview.com/q/Qv7qXrtu_mid.png "APOLLOTYRE Delivery Setup & Short Setup [Intraday]")
![APOLLOTYRE: APOLLOTYRE Short Setup [Intraday]](https://s3.tradingview.com/f/fnp3j9dQ_mid.png "APOLLOTYRE Short Setup [Intraday]")
