APL Apollo : Attractive Chart setup
The APL Apollo is one of the largest steel pipes manufacturer in India including Mild Steel pipes and Galvanized steel pipes.
The price genrally has a tendency to move in a Zig-Zag fashion. And this stock price chart is perfect examples of the same.
Analysing the weekly chart of APL Apollo, stock has been trading in sideways range from last more than 2 years.
The stock price makes peak near higher end of the channel whereas bottom is formed near lower end of channel.
It is observed that once price witnesses breakout from median range of the channel price tends to continue towards previous peak and bottom. Similarly, recently price witnessed breakout from median line with strong bullish candle and surge in volumes.
Moreover, the strength indicator has turned positive from red which compliments bullish view in price.
Furthermore, momentum indicator and short term moving has turned bullish increasing probability of breakout.
The view holds true till price does not close below median channel line and till then any dips should be bought into. While on higher side, initially stock has potential to test higher end of the channel.
If u enjoyed and liked the post do share, comment and follow the blog. Can also connect me on Twitter handle : @Rohanshah619
Disc. The above shared analysis is solely my view as per my understanding and knowledge. I will not be responsible for any loss or gain incurred.
The APL Apollo is one of the largest steel pipes manufacturer in India including Mild Steel pipes and Galvanized steel pipes.
The price genrally has a tendency to move in a Zig-Zag fashion. And this stock price chart is perfect examples of the same.
Analysing the weekly chart of APL Apollo, stock has been trading in sideways range from last more than 2 years.
The stock price makes peak near higher end of the channel whereas bottom is formed near lower end of channel.
It is observed that once price witnesses breakout from median range of the channel price tends to continue towards previous peak and bottom. Similarly, recently price witnessed breakout from median line with strong bullish candle and surge in volumes.
Moreover, the strength indicator has turned positive from red which compliments bullish view in price.
Furthermore, momentum indicator and short term moving has turned bullish increasing probability of breakout.
The view holds true till price does not close below median channel line and till then any dips should be bought into. While on higher side, initially stock has potential to test higher end of the channel.
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| APL Apollo weekly chart (Click to enlarge) |
If u enjoyed and liked the post do share, comment and follow the blog. Can also connect me on Twitter handle : @Rohanshah619
Disc. The above shared analysis is solely my view as per my understanding and knowledge. I will not be responsible for any loss or gain incurred.
