Apollo Tyre made Double Bottom(W Pattern in Daily Timeframe)!!!!
Double Bottom Formation in Apollo Tyre
As we can see Apollo Tyre made Double Bottom pattern in Daily Timeframe and price has taken support on 50 EMA. The Apollo Tyre is trading above the 50EMA. Now it is trading near it's resistance zone 324.60. Today is has closed above 324.60( above its resistance level). Now we can expect it can go further up upto it's second resistance level. We can avoid entry in this stock right now because it doesn't fullfill our Risk To Reward Ratio. In this trade the Risk To Reward Ratio is 1:1.15. We need atleat 1:1.5 or 1:2. So i am avoiding this trade because it doesn't qualify as per my calculations.
Not Recommended to Trade but i am giving the important levels (Risk to Reward Ratio= 1:1.5)
Entry = Above 325.35
Stop Loss = Below 315.60
Target = Target 1 = 337, Target 2 = 340.25
As we can see Apollo Tyre made Double Bottom pattern in Daily Timeframe and price has taken support on 50 EMA. The Apollo Tyre is trading above the 50EMA. Now it is trading near it's resistance zone 324.60. Today is has closed above 324.60( above its resistance level). Now we can expect it can go further up upto it's second resistance level. We can avoid entry in this stock right now because it doesn't fullfill our Risk To Reward Ratio. In this trade the Risk To Reward Ratio is 1:1.15. We need atleat 1:1.5 or 1:2. So i am avoiding this trade because it doesn't qualify as per my calculations.
Not Recommended to Trade but i am giving the important levels (Risk to Reward Ratio= 1:1.5)
Entry = Above 325.35
Stop Loss = Below 315.60
Target = Target 1 = 337, Target 2 = 340.25
Trade active:
Projected Profit Reached on 21 April. Moving towards R2
Trade closed: target reached:
All the levels are successfully reached as per our Analysis
Comment:
Thank you all Traders for your support.
Comment:
Aplollo Tyre become Rocket!!!!
Avinash K.
