Chennai Petroleum Corporation Ltd (CPCL) – Technical View
Timeframe: Daily
The stock has rebounded strongly from the lower Bollinger Band and is now trading above the short-term moving average, indicating improving momentum after a corrective phase.
Price action suggests a short-term trend recovery, but confirmation near resistance is crucial.
🔑 Key Levels
Immediate Resistance: ₹915 – ₹940
Next Upside Zone: ₹980 – ₹1,020
Support Zone: ₹850 – ₹820
Invalidation: Below ₹800
📈 Outlook
Holding above ₹850 keeps the positive bias intact.
A sustained move above ₹940 can open further upside.
Rejection near resistance may lead to consolidation.
⚠️ For educational purposes only. Not a buy/sell recommendation.
— AALGO BREATHS 📉📊