Tyre stocks like CEAT, Apollo Tyres and MRF seem to be following a similar structure.
MRF has already broken out of it's corrective structure. It's likely that CEAT and Apollo Tyres would do the same.
CEAT is making LL and LH so it is in Downtrend and will continue to make new Lows till 600 where it can find support from previous year low of 596. This stock can return 25% to 30% in duration of 8 to 12 months from entry price of 650. Above projections are on conservative base.
Entry Price:
20% @ 707.50
30% @ 653.75
30% @ 606.40
20% @ 580.00
This trade is on...
