The outlook is bullish for APL Apollo TubesThe stock has been in a strong uptrend since mid-February this year. The rise over the las two trading days has taken the share price well above the 100-Day Moving Average resistance at ₹1,555. The level now acts as a strong support. Below this, ₹1,535 is the next important support. Moving average cross over on the daily chart strengthens the bullish case.
APL Apollo Tubes share price can rise to ₹1,720 over the next few weeks. Traders can go long now at ₹1,596. Accumulate on dips at ₹1,565. Stop-loss can be kept at ₹1,525. Trail the stop-loss up to ₹1,620 as soon as the stock moves up to ₹1,645. Move the stop-loss further up to ₹1,660 when the price touches ₹1,680. Exit the long positions at ₹1,695.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)