CHENNPETRO - Technical Analysis

Last Updated Time : 02 Aug 25, 12:58 am

📊 Technical Analysis for CHENNPETRO (Chennai Petroleum Corporation Ltd)

Technical Rating: 3.5

📉 Trend Overview

Current Price: ₹705

52W High/Low: ₹1,045 / ₹433

Trend Status: Consolidating with bullish undertone The stock has rebounded ~63% from its 52-week low and is trading above both 50 DMA and 200 DMA, suggesting a potential continuation of an uptrend after recent volatility.

📈 Chart Patterns & Indicators

RSI (46.4): Neutral zone, indicating balanced momentum with room for upside.

MACD (11.7): Bullish crossover, signaling upward momentum.

Bollinger Bands: Price near middle band, suggesting low volatility and potential breakout setup.

Volume Trends: Current volume (12L) is significantly below 1-week average (34.7L), indicating reduced participation and possible accumulation phase.

📉 Moving Averages

Moving Average Value (₹) Signal

50 DMA 699 Bullish (Price above)

200 DMA 676 Bullish (Price above)

Price is above both key DMAs, confirming uptrend continuation.

📌 Support & Resistance Zones

Support Levels: ₹685 (recent swing low), ₹676 (200 DMA), ₹650 (volume-backed support)

Resistance Levels: ₹730 (recent high), ₹760 (trendline resistance), ₹800 (psychological)

🎯 Entry & Exit Strategy

Optimal Entry Zone: ₹685–₹705 (if price holds and volume improves)

Exit Zone: ₹730–₹760 (near resistance and breakout zone)

Stop Loss: ₹675 (below 200 DMA)

⚠️ Momentum Signals

Short-Term: Mild bullish momentum, confirmation needed via volume

Medium-Term: Bullish if price sustains above ₹699 and breaks ₹730

🧠 Summary

CHENNPETRO is in a consolidation phase with bullish bias. Technical indicators suggest potential for upside if volume returns and price breaks above ₹730. Traders may consider accumulating near ₹685 with tight risk controls and watch for breakout confirmation.

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