Chennai Petroleum Corporation Limited (CHENNPETRO) Stock - Complete Technical Analysis - Oct 25, 2024

Chennai Petroleum Technical Analysis: Key Levels & Trends You Must Know

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. In this analysis of Chennai Petroleum Corporation Limited, we explore the current price at 707.70 and its implications for traders. The stock exhibits notable volatility, particularly with immediate support identified at approximately 696.80 and resistance at 766.30. A breakout above resistance could suggest an upward trend, while a drop below support may signal further selling pressure.

Key indicators paint a bearish picture; the MACD remains negative, and the RSI indicates oversold conditions at 20.88. This scenario could hint at a potential rebound, especially with the Stochastic oscillator at 6.65. The downward price trend is marked by lower highs and lows, and a weak trend strength is suggested by the average directional index at 19.41.

Volatility is evident through the Average True Range, and the stock trades 44.49% below its 52-week high of 1275, while remaining 39.30% above its 52-week low of 508.05. Recent price movements have displayed sudden drops, with a notable shift from 792.50 to 707.70.

Traders should monitor support and resistance levels closely, considering the technical indicators for actionable insights. Overall, CHENNPETRO presents both risks and opportunities, demanding attentive analysis as market conditions evolve.