Momentum Call – Apollo Tyre 8% UP, Is it Elliott Wave or News?Jan 21, 2021
Apollo Tyre is up by more than 8% in single session. Was it Predictable and Tradable, Absolutely Yes!
We generated a buy on this stock on basis on Elliott Wave, Neo Wave pattern and Channeling technique along with sector identification.
Following was given to clients on 20th January 2021 –
“MOMENTUM BUY APOLLOTYRE BUY ABOVE 200 SL 189.90 TGT 216”
See the below chart where we turned bullish and how it moved:
Apollo Tyres hourly chart:
Wave analysis: Following is from Momentum research report giving complete detail on why we turned bullish on this stock and how amazing it moved.
Auto sector is currently the outperformer and Apollo Tyres is one of the leading stocks of the sector. It is best to buy stocks from outperforming sectors as long as momentum is there in broader markets.
As shown on the hourly chart, price is moving in the form of a complex corrective pattern on the upside. Price broke the red trendline in faster time than wave (c) took to form which confirmed that wave x is in place and the next leg on the upside has started. ADX was above 25 level with +DI crossed above –DI which indicates a strong trending uptrend. Since price was moving in a channel we expected wave d to reach up to the upper channel trendline post the breakout near 200 levels. The closest support on the downside was seen near 190 levels hence we suggested a stop-loss just below it at 189.90 with target of 216.
Happened: BANG ON!! The stock performed as expected and the target of more than 8% near 216 was achieved in one day itself. This shows the power of selecting the stock from the right sector along with Elliott wave analysis and Channels.
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