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.
About the author:Milan Vaishnav, CMT, MSTA is a qualified Independent Technical Research Analyst at his Research Firm, Gemstone Equity Research & Advisory Services in Vadodara, India. 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 15th year of publication.
Milan's primary responsibilities include consulting in Portfolio/Funds Management and Advisory Services. His work also involves advising these Clients with dynamic Investment and Trading Strategies across multiple asset-classes while keeping their activities aligned with the given mandate.