NSE:CNXAUTO
Relative strength compared to Nifty 50 - NIFT Auto clear outperformer since Jan 2023. Remember Nifty 50 is on downtrend while Auto is on uptrend.
Now look for stocks which have better chart pattern than NIFTY Auto.
These are going to perform better once NIFTY 50 turn positive. Some examples.
1) NSE:M_M
2) NSE:MAHINDCIE
3) NSE:APOLLOTYRE...
Apollotyre was consolidated in a very narrow range from one month and a breakout was given from the consolidated range retested that level and there is a high chance to momentum will keep on the upward side and give a good Risk Reward ratio.
Entry Level:- Above @340
Stop Loss:- Below @320
Target:- 1:1 or 1:2
Hello TradingView community and my followers, please if you like the ideas, don't forget to support them with likes and comments, thank you very much and here we go.
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APOLLO TYRE
2 hour : It has gave breakdown of Ascending Channel, now it is in bearish retracement and confirmed resistance.
*Wait for the opportunity at resistance and we could see an upside...
>Approaching to resistance after 2018
>Preparing to break 5 years of consolidation
>forming U pattern on daily TF
>A good move can be seen after successfully >sustain above 300
Apollo tyres breached its yearlong resistance a few weeks ago, this move was retested last week, and the then resistance has now turned into support with the price moving above it in a clear uptrend.
The Structure looks good to us, waiting for this instrument to correct and then give us these opportunities as shown on this instrument (Price Chart).
Note: its my view only and its for educational purpose only. only who has got knowledge about this strategy, will understand what to be done on this setup. its purely based on my technical analysis only...
Using Super Trend Indicator, Buying Signal is ON, Waiting for a Retest.
Targets will be pivots.
Proper Risk: Reward is necessary.
This is for Educational purposes only.
Kindly take this idea as learning.
