APOLLO TYRE CONSOLIDATION BREAKOUT WITH ABCD PATTERN
Apollo Tyres Ltd. is an interesting stock with following
1. RSI on all time frames above 60
2. price breakout from 8 months long channel of 450-529 levels
3. Narrowing Bollinger Bands on weekly chart and price moving near upper Bollinger band on daily chart
4. ABCD pattern under formation on weekly chart
5. 20 SMA support at 532 ; 50 SMA Support at 511; 20 Week SMA at 490 levels 200 DMA at 474 levels. Multiple supports between 474 to 530 zones
6. Stock trading at PE of 19.97 against industry average of 29 and Price to Book value of 2.51 against industry average of 3.26
7. Company has reduced debt.
8. Company has been maintaining a healthy dividend payout of 27.3%
9. Price Gain is supported by higher volume bars visible on weekly chart
Can be a good risk reward to buy on dips and dips only.
Lets See How it Evolves.
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix
1. RSI on all time frames above 60
2. price breakout from 8 months long channel of 450-529 levels
3. Narrowing Bollinger Bands on weekly chart and price moving near upper Bollinger band on daily chart
4. ABCD pattern under formation on weekly chart
5. 20 SMA support at 532 ; 50 SMA Support at 511; 20 Week SMA at 490 levels 200 DMA at 474 levels. Multiple supports between 474 to 530 zones
6. Stock trading at PE of 19.97 against industry average of 29 and Price to Book value of 2.51 against industry average of 3.26
7. Company has reduced debt.
8. Company has been maintaining a healthy dividend payout of 27.3%
9. Price Gain is supported by higher volume bars visible on weekly chart
Can be a good risk reward to buy on dips and dips only.
Lets See How it Evolves.
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix
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