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Wednesday, July 21, 1999
Apollo Tyres to remain bullish
Deepak Singh Tanwar
Applo Tyres has recently strenthened its position on the bourses. The stock had been forming higher bottoms. After bottoming out at Rs 38 in the last week of April, the stock formed a higher bottom at Rs 43 in the last week of May. One more higher bottom was established at Rs 47. In the process, the stock had also crossed its resistance levels. The close on Tuesday can be considered as a fresh break-out on the upper side. It has moved up after a consolidation of almost a week.The volume chart has also improved alongwith the position of oscillators like RSI and MACD. Long position at current levels can be taken with a stop loss at Rs 74. As the resistance on the upper side is very far from the current levels, the move is expected to impress. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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