Apar Industries charging at full steam as it witnesses a 9-week long lateral consolidation breakout!
Apar Industries started in 1958 in India. Over 60 years later, it has grown into a diversified billion-dollar company, and expanded to over 125 countries as a highly trusted manufacturer & supplier of conductors, a wide variety of cables, speciality oils, polymers as well as lubricants.
The stock opened at Rs 754 and made an intraday low of Rs 746.90. At the time of writing, the stock was trading up by over 11 per cent at Rs 827.5.
The stock has witnessed a breakout of a 9-week long consolidation and this breakout is a lateral consolidation breakout. Usually, a lateral consolidation breakout are highly preferred by the market participants as there is little or often no overhead resistance.
The breakout has been witnessed along with a huge spike in the volumes as the stock has registered highest single-day volume since August 30, 2021.
Interestingly, the 14-period daily RSI has honoured the RSI super bullish range Shift rule. Moreover, the RSI is seen rebounding after forming a base at the nine-period average, which is positive for the stock.
The daily MACD is pointing northward while sustaining above its nine-period averages will validate positive bias in the stock.
The stock is up by over 20 per cent on an MTD basis while on a YTD basis, it is up by a staggering 137 per cent.