CHENNPETRO - Technical Analysis with Chart Patterns & Indicators

Last Updated Time : 19 Sept 25, 2:16 pm

Technical Rating: 4.0

Here’s a detailed technical analysis of CHENNPETRO

📊 Trend Overview

Current Trend: Reversing with bullish momentum

Price is above both 50 DMA (₹695) and 200 DMA (₹678), indicating a short-term bullish reversal.

RSI at 64.9 is approaching overbought territory, suggesting strong buying interest.

MACD at 19.4 confirms bullish crossover and momentum.

📈 Technical Indicators

Moving Averages

Price (₹744) > 50 DMA (₹695) > 200 DMA (₹678): Bullish crossover confirmed

RSI (64.9)

Bullish zone. A move above 70 would signal overbought conditions.

MACD (19.4)

Strong positive crossover. Momentum is accelerating.

Bollinger Bands

Price near upper band, indicating strength but also potential short-term resistance.

Volume Trends

Current volume (5.7L) slightly below 1-week average (6.0L): Momentum stable

Suggests steady accumulation but not breakout-level enthusiasm.

🔍 Short-Term Momentum Signals

Bullish Bias

MACD and RSI support continued upside.

Price action above key moving averages confirms trend strength.

However, recent PAT decline and negative EPS (-₹15.2) raise caution on sustainability.

📌 Support & Resistance Zones

Level Price (₹) Commentary

Support 1 695 50 DMA, short-term base

Support 2 678 200 DMA, medium-term support

Resistance 1 770 Recent swing high

Resistance 2 820 Psychological barrier

Resistance 3 880 Pre-breakdown zone

🎯 Entry & Exit Zones

Optimal Entry: ₹695–₹715 (on dips near 50 DMA)

Exit Zone: ₹770–₹820 (partial profit booking)

Aggressive Target: ₹880+ if breakout above ₹770 sustains

🧭 Summary

Trend: Reversing with bullish momentum

Momentum: Strong, supported by MACD and RSI

Outlook: Favorable for short-term swing trades; watch for volume confirmation

Valuation: No P/E due to negative earnings; recent PAT drop (-117%) and weak ROE/ROCE suggest caution despite technical strength

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