This is the weekly chart of ChennaiPetro. Expecting a huge upmove coming weeks. The only skeptical thing is the consecutive green candle in the week without any retracement. So be sure to limit you loss.
there is an short term term opportunity in Chennai petro.
➣ Stock in weekly resistance zone.Anytime breaout possible
➣ Promising chart,ascending & symmetric triangle pattern in the chart.
➣ Good time to Enter.
➣ In last 3 months, mutual fund holding of the company has increased by 1.64%.
➣ Good Q4 numbers published.
Note guys this is not a buy...
CHENNPETRO
> Daily Chart
> If open and sustain above 127.75 by Monday.
> Good Volume
> Reversinge from low level
> Promotorr holding 67.29, DII increased holding from 4.91 to 6.55 (Mar21)
> CMP 127.45. Good to enter till 124 during.
> Suport 114 on closing basis
> May go 164
Dtd : 23rd May TheCharts
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Disclaimer
I am...
Note: This is for educational purpose only.
There seems to be a bullish breakout with volume. The breakout is crossed the high supply zone which caused a gap down. RSI above 65 indicates bullish momentum.
SL: 103₹
logic
1) stock is looking oversold
2) flag formation in 15 min
3) daily volatility is high today if moves in our favor we can get a good risk to reward
Chennai Petro is falling knife for traders who want to make out of minor reversal in the trend. Minor bounce can happen till 217-218 but actual buying should emerge around 180 & 165 level for Mean Reversion play. Stochastic is already in oversold zone which indicates a bounce is likely to take place in next couple of sessions. Trader should wait for low of...
