ideal sell setupsCeat 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 !
Tyre
Apollo Tyre, Daily ChartNSE: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.
Apollo Tyres to move to new highs (with possible Elliott count)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).