APL Apollo Tubes Limited: Uptrend Intact

APL Apollo Tubes Limited is currently showing a bullish price structure, with the stock trading above its 10, 20, 50, 100 and 200-day moving averages. After a strong recovery from the ₹1,800–1,850 zone, the stock has moved back toward the important ₹2,300 resistance area. The chart also resembles a potential Cup & Handle formation, but the pattern is not confirmed yet. A sustained breakout above ₹2,300 could provide confirmation. Technical View The overall trend remains positive, supported by the higher-high/higher-low structure and the position of price above major moving averages. RSI is around 57 and above the 50 midpoint, indicating that momentum remains supportive, although it is not yet in a strong momentum zone. MACD is currently below its signal line and the histogram has turned negative, suggesting that short-term momentum has cooled. Therefore, while the broader trend remains bullish, some consolidation near resistance cannot be ruled out. The ₹2,190–2,170 zone is the immediate support area, while ₹2,050–2,100 remains an important support zone for the current structure. What to Watch A decisive close above ₹2,300, preferably with improving volume and MACD momentum, would strengthen the Cup & Handle breakout setup. Until then, ₹2,300 remains the key hurdle. Disclosure: I or my family do not have any position in APL Apollo Tubes Limited.