Apollo Tyres Ltd. CMP— Rs 70.85 We recommend going long in this counter at current levels.
Technical Outlook:-
The important observation to be made on the price chart of Apollo Tyres Ltd. is that the price movement since 12th Nov 2010 till date is taking shape of an Inverted Head & Shoulders Pattern on the weekly chart. Traders should note that the Inverted Head & Shoulders pattern is one of the most acclaimed bullish reversal patterns. The stock is also trading above all its key moving average clusters which are also a sign of strength in the stock. The momentum indicators of the stock are also in buy mode.
Suggested Trading Strategy:-
We recommend traders to buy between Rs 70.50—Rs 71.50 levels with a stop loss placed below Rs 68.80 levels for targets of Rs 74 – Rs 76 levels, expected to be achieved over the coming 3-4 sessions.
Technical Outlook:-
The important observation to be made on the price chart of Apollo Tyres Ltd. is that the price movement since 12th Nov 2010 till date is taking shape of an Inverted Head & Shoulders Pattern on the weekly chart. Traders should note that the Inverted Head & Shoulders pattern is one of the most acclaimed bullish reversal patterns. The stock is also trading above all its key moving average clusters which are also a sign of strength in the stock. The momentum indicators of the stock are also in buy mode.
Suggested Trading Strategy:-
We recommend traders to buy between Rs 70.50—Rs 71.50 levels with a stop loss placed below Rs 68.80 levels for targets of Rs 74 – Rs 76 levels, expected to be achieved over the coming 3-4 sessions.
