Apollo Tyres may go sideways before it breaks out

14 Mar 2021

Apollo Tyres has reached a major weekly resistance zone, crossing it won't be easy or quick. It will take some sideways days before it could finally give a breakout. Additional confirmation for this hypothesis comes from the channel pattern which has reached its top.

Now breaking this channel top will take a lot of buying interest, so considering its previous up movement it looks like it will go sideways to touch the bottom of the channel before it tries to touch the top of the channel again.