Apollo Tyres in a really sweet spot at the moment,both technically and fundamentally.
Technically is evident from chart.
Fundamentally: Tyre manufacturing industry depends on mainly two raw materials. Synthetic and natural rubber. Natural rubber prices have been falling on account of prevailing risk of global trade war. Synthetic rubber is manufactured from crude oil. There have been some tensions regarding crude oil production and a general fear of Hike in crude oil prices which have now been mitigated as OPEC announced a Hike on Crude Oil production.
Technically is evident from chart.
Fundamentally: Tyre manufacturing industry depends on mainly two raw materials. Synthetic and natural rubber. Natural rubber prices have been falling on account of prevailing risk of global trade war. Synthetic rubber is manufactured from crude oil. There have been some tensions regarding crude oil production and a general fear of Hike in crude oil prices which have now been mitigated as OPEC announced a Hike on Crude Oil production.
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