Apollo Tyres: increasingly bearish
Company profile: Apollo Tyres Limited manufactures tires and tubes for cars, trucks, farm equipment and light commercial vehicles. The Company also manufactures automobile flaps and retreading materials.
The long-term trend line of 2009 has been breached a while ago. The ensuing recent pull back has left a new lower peak on the chart, thus forming the right shoulder of a Head&Shoulder reversal pattern. A break below the neck line at 77.70 triggers a new primary down trend towards 62.05. Below that, a broad support zone comes in around 51. Sell the breakout with initial stops above 92.50.
- Primary trend: neutral
- Outlook: negative < 77.70
- Support: 77.70 / 62.05* / 51.00
- Resistance: 92.50 / 102.45
Weekly chart Apollo Tyres (NSE)
Category: India
