Apollo Hospitals has approached it's multi year trend line negating covid turbulence from April to July.
Historically, for Apollo Hospitals RSI has been a critical indicator suggesting whether to expect the trend line to be a Support or resistance.
After the quarterly result blues are over, RSI indicates that stock is ready to approach and cross the multi year trend line if it holds above 2110 on closing basis.
Very small stop loss can fetch 300 Rs upside in quick time. Good candidate for call buying also given recent down trend call pricing would be cheap.
Trade closed: target reached
⋅
Target achieved much earlier. Stay away from longs now as market is overbought and can show vertical correction.