Journey of Apollo Tyres | Downtrend to Uptrend |Trend Reversal
The chart explained the price movement in Apollo Tyres.
Multi Year Resistance: The price is continuously facing a rejection at level of Rs 250. The multiple attempts were made in Year 2015, 2017, 2021 to break the resistance level but due to greater supply at that level, stock price fallen by 50%-70% in past years.
After the pandemic fall in Mar’20, the stock is in uptrend and given a multiple breakout with return of 250% but again rejected from level of Rs 250.
In year in 2021, price was range bound and consolidated in Darvas Box between Rs 200-250. After the violation of support, the price retrenched to Fibonacci level of 50% (i.e., -30% from ATH) and taken a crucial support at that level.
From crucial support, a bullish candle observed in weekly chart with rise in volume, it indicates a sign of downtrend reversal and price will again make an attempt to break the multiple year resistance level.
Keep it on our watchlist and enjoy trading!!
Thanks
Multi Year Resistance: The price is continuously facing a rejection at level of Rs 250. The multiple attempts were made in Year 2015, 2017, 2021 to break the resistance level but due to greater supply at that level, stock price fallen by 50%-70% in past years.
After the pandemic fall in Mar’20, the stock is in uptrend and given a multiple breakout with return of 250% but again rejected from level of Rs 250.
In year in 2021, price was range bound and consolidated in Darvas Box between Rs 200-250. After the violation of support, the price retrenched to Fibonacci level of 50% (i.e., -30% from ATH) and taken a crucial support at that level.
From crucial support, a bullish candle observed in weekly chart with rise in volume, it indicates a sign of downtrend reversal and price will again make an attempt to break the multiple year resistance level.
Keep it on our watchlist and enjoy trading!!
Thanks
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