Chennai Petroleum Corporation Limited (CHENNPETRO) Stock - Complete Technical Analysis - Nov 11, 2024

Chennai Petroleum Corporation Technical Analysis Support & Resistance Levels November 2024

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. Chennai Petroleum Corporation Limited (CHENNPETRO) is showing signs of volatility, currently priced at 631.15, down 50.50% from its 52-week high of 1275. The stock has recently shown price swings, with a recent low at 606.40 on November 11, 2024.

Key Support and Resistance: Support appears around 600-610, and a breakdown could see further downside toward the 570-580 region. Resistance levels are at 640-650, with a strong hurdle around 675-680.

Technical Overview:

The MACD and Momentum indicators are negative, suggesting that the current trend remains bearish.

The RSI and Stochastic indicators are oversold, which could signal a possible reversal in the short term.

ADX is above 25, signaling a strong trend but one that remains downward.

Price Trends: Recent price movements indicate that the stock is facing significant fluctuations, suggesting possible short-term news-driven volatility.

Conclusion: Short-term traders might want to wait for confirmation of a trend shift before taking long positions. A move above 650 could trigger a rally, but if it drops below 600, further downside is likely.