Price action has seen an Ascending Triangle formation in APOLLOHOSP.IN over the past several weeks. In this classically bullish formation, the 200-DMA appears to be acting as a proxy trend line.
The prices have tested the 200-DMA five times; any strong move above this could lead to a breakout. The daily MACD has shown a bullish crossover; it now trades above its signal line. The RSI appears to be neutral and does not show any divergence against the price.
If the present technical resolves in the intended direction, the stock may test the 1475-1515 levels. Any move below 1370 on a closing basis will make this reading redundant.
Milan Vaishnav, CMT, MSTA,
Consulting Technical Analyst,
About the author:
Milan Vaishnav, CMT, MSTA is a capital market professional with experience spanning close to two decades. His area of expertise includes consulting in Portfolio/Funds Management and Advisory Services. Milan is the founder of ChartWizard FZE (UAE) and Gemstone Equity Research & Advisory Services. As a Consulting Technical Research Analyst and with his experience in the Indian Capital Markets of over 15 years, he has been delivering premium India-focused Independent Technical Research to the Clients. He presently contributes on a daily basis to ET Markets and The Economic Times of India. He also authors one of the India's most accurate "Daily / Weekly Market Outlook" -- A Daily / Weekly Newsletter, currently in its 18th year of publication.
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