Description
⋅ Those want to take positional trade for a minimum holding period of 12-24 months can enter into Chennai Petro CP for 2-3 times fold returns.
Stop loss can be maintained at 250 which is weekly 9 SMA and further can used as trailing stop loss in future to exit if give closing below the same.
Reason to take entry in this trade.
1.In monthly chart Bollinger Band is blasting.
2.Last month stock gives strong closing above AVWAP(2008 Crash Basis) with decent volumes.
3.RMI>50 and crossing WMA with wide gap.