Mangalore Refinery and Petrochemicals LtdMRPL's technical structure appears bullish if it can break and sustain above its current resistance. Otherwise, it will likely continue its range-bound movement within the channel.
The price movement shows a "Falling Channel" (downtrend channel) within a larger uptrend channel. This suggests the stock has been correcting within a broader bullish structure. It recently bounced from the lower boundary of the falling channel, around 150, which is acting as a key support level.
If MRPL closes above 154, it would confirm a breakout from the falling channel, indicating the end of the corrective phase and the start of a new upward swing within the long-term bullish trend, and the possible target is 184.
