Apollo Tyres (along with other tyre stocks) seems bullish in the long term as it's broken out of it's corrective downtrend channel. Earlier I'd posted updates only for MRF (links attached), but both Apollo Tyres and CEAT can be bought too with targets above their all time highs (and SL as their June/Jan 2016 low).
Anticipating breakdown to lower side.
Trade ONLY after breakdown, as this can be a false signal and might breakout on upper side.
So better wait for confirmation.
Risk reward ratio is very favorable so one can go for this trade after confirmation.
Short -147
T1- 133
T2 - 125
Looks bearish and could retrace back to 149-147 levels.
Points Noted on Daily Chart:
1. Bearish Pattern Forming
2. Resistance
3, Increasing price with low volume, bearish indicator
