Technical Pick – Apollo Tyre
• Apollo tyre is finding support at 255 and resistance above 262.
•On Daily chart, Apollo tyre is showing breakout point above 262 level.Break and sustain above 262 will see nonstop rally till 270--275++ in weeks to come.
•Apollo tyre has been trading in a broader range of 154--288 for last one year.
•MACD too has given the positive crossover (Buy signal) which indicates that upper side seems certain in it.
•Daily 14 period RSI has turned up from near levels and is trading above 53 which indicates it the stock is turning bullish.
•Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 270--275+++mark in coming weeks.
For positional trade, stop loss seeing below 255 on closing basis which in unlikely to breach in near terms.
Trading Recommendation(12-09-17)
Buy Apollo tyre above 262 and for the initial upside target of 270--275++ mark with stop loss below 255 on closing basis.
More will update soon!!
