Technical Pick – Apollo Tyre
• Apollo Tyres is finding support at 240 and resistance above 260.
•On Daily chart, Apollo Tyres is showing breakout point above 260 level.Break and sustain above 260 will see nonstop rally till 290--305+++ in weeks to come.
• Apollo Tyre has been trading in a broader range of 171--288 for last one year.
•MACD too has given the positive crossover (Buy signal) which indicates that upper side seems certain in it.
•Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 290---305+++ in weeks to come.
For positional trade, stop loss seeing below 240 on closing basis which is unlikely to breach in near terms.
Trading Recommendation(18th Nov 2017)
Buy Apollo Tyre above 260 and for the initial upside target of 290---305+++ mark with stop loss below 240 on closing basis.
More will update soon!!!
