Symmetrical Triangle & NR formation indicating weakness

28 nov 2019

APOLLO HOSPITALS: Prices are ranging between a symmetrical triangle pattern, this leg up missed the upper boundary of the pattern indicating weakness probably. Symmetrical patterns are neutral patterns, let’s have cues from the indicators. The RSI is into neutral zone has formed a NR, MACD is just at neutral zone. The prices have faced resistance at important levels forming a bearish candle pattern on the chart. Any push below 1440 will be sign of further weakness and the stock may start to descend down. A close above 1490 is required for the bulls to get control.