Trade rationale

Other – Study mentioned in Notes Below

The Equal weight Tyre sector stocks index shows that the overall sector continues to sustain its strength. Apollo tyres price is above a confluence of support from the Fibonacci level of 423.60% and an important zone of 220-240, which has acted as resistance in the past. Now it could be a level of polarity where resistance acts as Support vice versa. Additionally, the RSI continues to maintain its momentum. These conditions define the clear risk and reward level for the trade.