Apollo Tyres Limited (APOLLOTYRE) Stock - Complete Technical Analysis - Oct 08, 2024

Technical Analysis of Apollo Tyres Limited: Price Trends, Patterns, and Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Today, Apollo Tyres Limited (APOLLOTYRE) is trading at 508.95, reflecting a 12.99% decline from its recent 52-week high of 584.90, achieved on September 26, 2024. This price represents a significant recovery of 38.26% from the 52-week low of 368.10 observed on October 26, 2023. Analyzing recent price movements reveals a sudden price drop from 550.75 on October 1 to 511.55 on October 4, followed by a notable decline to 502.25 on October 7 and a slight recovery today.

The price trend shows bearish behavior in the past week, indicating potential resistance around 511 and a significant support level near 498.8. The Piercing Pattern and Morning Star chart patterns suggest a potential bullish reversal, particularly following today's higher close, which may signify a market shift if confirmed by subsequent trading sessions. The volatility is reflected in the recent Average True Range (ATR), indicating fluctuations in price, which could offer trading opportunities. However, with the RSI at 44.15, the stock remains in a neutral zone, suggesting a lack of strong momentum in either direction.

The MACD indicates a slight bullish divergence, providing a glimmer of hope for a trend reversal if it crosses above the signal line. Meanwhile, the ADX level of 19.43 suggests a weak trend, reinforcing the need for caution. As investors, keeping an eye on the upcoming trading days will be crucial to assess if today's price action leads to a sustainable recovery or if further declines are imminent. Monitoring key levels around 511 for resistance and 498 for support will be vital in guiding trading decisions moving forward.