Technical View – Apollo
Tyres
Apollo
tyre is finding support at 225 and resistance at 237. On weekly chart, Apollo
tyre trading above 21 and 55 days exponential moving average which is at 201 and
118 respectively while MACD too showing positive momentum which indicates that
upper side seems certain in it. Break and sustain above 237 on closing basis will
see nonstop rally in Apollo tyre till 245---255++ in weeks to come.
Traders
don’t go for aggressive or positional selling at all because trend looks
positive and we expect rally to remain continue till 255+++mark in coming
weeks. For positional trade, stop loss seeing below 225 on closing basis which
in unlikely to breach in near terms.
Trading Recommendation
Buy Apollo tyre above 237 for
the initial upside target of 245—255++ mark with stop loss below 225 on closing
basis.
More will update soon!!
