I have bought shares of Apollo Tyres at Rs 250, The stock is not moving up. Please advise.
- Vishal Modi
EXIT APOLLO TYRES BELOW RS 236 ON A CLOSING BASIS
Apollo Tyres is currently trading at Rs 239. Its 52-week high/low stand at Rs 288.30/Rs 171.60 made on August 7, 2017 and February 16, 2017, respectively. The stock is trading with lower tops, lower bottoms since August 7. Though the long term trend is positive, the stock has kind of made head and shoulders pattern on the upside and has witnessed a break down at Rs 252 level on September 22. Because of poor volumes and the 14-period RSI quoting at 42, the stock is unable to give momentum on either sides. However, below Rs 236-230, the stock may see some more downside. Hence, we suggest you to exit below Rs 236