APOLLO TYRES

Can I en­ter Apollo Tyres as it has fallen con­sid­er­ably? - Neeraj Goel

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE -

AVOID APOLLO TYRES FOR NOW

Apollo Tyres is cur­rently trad­ing at Rs 243. Its 52-week high/low stand at Rs 288.30/Rs 171.60 made on Au­gust 7, 2017 and Fe­bru­ary 16, 2016, re­spec­tively. Con­sid­er­ing the daily time frame, the stock has been mak­ing lower tops and lower bot­toms af­ter hit­ting all-time high lev­els. Re­cently, the stock has given a break­down of the cru­cial re­sis­tance-turned-sup­port level at Rs 245. More­over, the break­down some­how looks like head & shoul­ders pat­tern with neck­line near Rs 245. The re­cov­ery on Septem­ber 26 ses­sion acted as a breather for ini­ti­a­tion of an­other fall. The vol­umes are low and the 14-pe­riod RSI is quot­ing at 36, which de­picts lack of mo­men­tum on ei­ther side. Hence, we sug­gest you to avoid Apollo Tyres for now.

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