Ceat tyre was in uptrend however stock on weekly chart was making multiple wicks at higherareas. the stock was trading near earlier resistance. The RSI indicator suggested heavily overbought with above 2 things into place. also along with this there was a lower high formation too! indicating supply !
The stock has broken out and retested, therefore may undergo a reversal rally. Trade is supported by Supports Nearby. Risk Reward Ratio - 2:1 SL is placed below the support zone & the lower trendline. The target is placed near resistance.
The stock has reached lower trendline and may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby. Risk Reward Ratio - 2:1 SL is placed below support zone & the lower trendline. The target is placed near resistance.
The stock has reached lower trendline and may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby. Risk Reward Ratio - 2:1 SL is placed below support zone & the lower trendline. The target is placed near swing high.
DONT FOLLOW CEAT IS LOOKING GOOD DISTRUBUTION PHASE PREVIOUSLY COMPLETED. ACCUMULATION IS NOW STARTED ANYTIME UPSIDE GOOD MOVE EXPECTING.
The Apollo Tyre stock is consolidating for some days Big move is expected in near future:- Go long near support area with bullish confirmation candle only:-
MRF, India's biggest tyre company has made a new "all time high" today post consolidating for 2.5-3 years. Markets are over heated for ultra short term but the risk-reward is good here. Plus the entire auto, auto-ancillary and tyre space is in uptrend.
NSE:APOLLOTYRE Appollo tyre, daily chart. given good break-out with good intensity of volume. should buy above 195 only, with sl of 188. for target 203, 211 and 222. Desclaimer These are just my views for education purpose only. I am not any type of Advisor or tips provider. Consult your Financial Advisor before investing or trading.
Positional buyers look toward apollo stocks might seems toward 130-150-180!
Breakout Of 66800 With Bullish Setup(Candle & Volume ) Can Take it to 68300 to 69000 .
Apollo Tyres (along with other tyre stocks) seems bullish in the long term as it's broken out of it's corrective downtrend channel. Earlier I'd posted updates only for MRF (links attached), but both Apollo Tyres and CEAT can be bought too with targets above their all time highs (and SL as their June/Jan 2016 low).
Tyre stocks like CEAT, Apollo Tyres and MRF seem to be following a similar structure. MRF has already broken out of it's corrective structure. It's likely that CEAT and Apollo Tyres would do the same.
APOLLOTYRE - GOING LONG SHORTLY