Apollo Tyres Limited (APOLLOTYRE) Stock - Complete Technical Analysis - Sep 05, 2024

Apollo Tyres Stock Analysis: Support, Resistance

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. Apollo Tyres Limited is currently trading around 512, presenting a technical landscape that offers insights for traders. The stock is experiencing indecision as reflected by today's Doji and Spinning Top candlestick patterns, suggesting a potential for consolidation or reversal.

Support levels are positioned near the recent low around 460, while resistance is encountered near the high of 568. Key moving averages like the 50-day and 200-day EMAs, both trending above the current price, indicate that the stock is in a generally bullish phase. The RSI, currently around the neutral 53, supports the lack of strong momentum in either direction.

The MACD is showing a bearish crossover, with the MACD line below the signal line, implying potential downward pressure. However, the Commodity Channel Index (CCI) is in the positive zone, indicating that the stock may still be in an uptrend. The Average Directional Index (ADX) is moderately low at 20.85, reflecting a weak trend strength which is consistent with the current price's proximity to its moving averages.

Volume Weighted Moving Average (VWMA) and Classic Pivot point suggest that the stock's current level of 512 is near a critical juncture. If the price maintains above the VWMA at 499.6 and the pivot point at 510.02, it could push towards resistance levels. Conversely, falling below these levels could test support around 460.

Overall, traders should watch for a breakout above the recent high or a breakdown below support to gauge the next potential move in Apollo Tyres Limiteds stock price.