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,