This stock has jumped 14% in one month and 5% in just one day, can give good returns even further

new Delhi: The stock of APL Apollo Tubes is bullish and climbed almost 5% on Tuesday. On the technical chart, it has given a breakout from its falling trendline with heavy volume. This formed a strong Bullish candle with short wicks at both ends. Since its earlier low of Rs 888.80, the stock has gained over 10% in a matter of days, showing strong buying interest at lower levels.

The stock trades above all major short and long term moving averages. The 14-period daily RSI is placed above 65 and shows strong strength in the stock. The ADX is pointing up and has a bullish slope, indicating a sharp uptrend. In addition, the OBV is rising, which indicates strong strength from a volume perspective. Recently the stock has moved above the average volume which is found to be higher than the 10-day, 30-day and 50-day average volumes.

May test the level of Rs 1050 soon
In one month, the stock has jumped over 14% and outperformed most of its rivals during the period. Considering its bullishness, the stock presents a good opportunity for swing trading. It may test the Rs 1050 level, after which it can reach the Rs 1070 level in the short to medium term. However, a fall below Rs 960 will negate the outlook.

Are you new to the stock market? Take your first steps with ‘Street Investment Journal’, India’s number one investment magazine broker since 1986. Click here for more information on this.

(Disclaimer: This above is third party content and TIL hereby disclaims any and all warranties, express or implied, relating to the same. TIL does not guarantee, vouch for or endorse any of the above content or its accuracy nor is responsible for it in The content does not constitute any investment advice or solicitation of any kind. Users are advised to check with certified experts before taking any investment decision and take all steps necessary to ascertain that any information and content provided is correct, updated and verified .)