Apollo Tyres Limited (APOLLOTYRE) Stock - Complete Technical Analysis - Oct 24, 2024

Apollo Tyres Stock Analysis: Key Support Levels & Bearish Indicators Explained

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 is facing a downward correction, trading at 489 after a series of lower highs. MACD shows negative momentum, while RSI sits in the oversold zone, indicating the stock might be due for a short-term bounce. The ADX suggests a weak trend, and the Awesome Oscillator is in bearish territory, confirming the downtrend. The stock is currently trading below all major moving averages, including the 10, 20, and 50-day EMAs, which suggests ongoing selling pressure.

Support is seen around 480, which could serve as a near-term floor for the stock. A break below this level might lead to further declines towards 450. On the flip side, resistance levels are noted around 510 and 525. A move above 525 could push the stock higher, but without significant volume or a reversal pattern, caution is advised. Traders should be alert for any signs of reversal such as bullish divergences on the RSI or MACD to confirm a potential trend shift.