Technically, the stock registered a strong price volume breakout from its 11-week consolidation pattern. It crossed above its 100-DMA and earlier swing high of Rs.231. The 14-period RSI (65.77) is in bullish territory and indicates strong strength for the stock. The ADX (15.92) is gaining momentum and pointing north, thus indicating strong trend strength. Meanwhile, OBV is at its peak and shows strong buying activity in the stock. Overall, the technical setup is bullish and attractive for trading purposes.
Stock market update
Last year, shares of CHENNPETRO generated over 120% return to its shareholders. The stock touched an intraday high of Rs 233.40 on the NSE. Traders should track this stock for the upcoming trading session.
Chennai Petroleum Corporation Limited (CPCL) is engaged in the production of fuel and lube base products. It is one of India’s leading public sector refining companies, producing an array of value-added petroleum products.
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