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Price and trend forecast of CHENNPETRO for Tomorrow, Weekly, Monthly

Chennai Petroleum Corporation Limited

Symbol: NSE:CHENNPETRO

ISIN: INE178A01016

876.35

As on 2024-05-17

315.10 (52W Low) 1,122.50 (52W High)

CHENNPETRO's Today's Performance

Chennai Petroleum Corporation Limited started the day by opening at 899.90 today 2024-05-17. Its shares reached a high of 905.85 and dipped to a low of 875.00 in intraday. When the markets closed, CHENNPETRO’s stock price settled at ₹876.35 per share. Also check out its key support and resistance levels.

CHENNPETRO Buy/Sell Targets

Tomorrow, sell CHENNPETRO when its price reaches ₹ 876.35 with a stop-loss order at ₹ 890.23. You can set the target price as ₹ 862.47 to capture potential gains. This sell position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.

In the sections below, we will discuss detailed share price target of CHENNPETRO for tomorrow's session along with weekly levels. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Down levels for CHENNPETRO

Downside Targets Value in ₹
Tomorrow Down Target 1 896
Tomorrow Down Target 2 917
Tomorrow Down Target 3 927

Important Levels for CHENNPETRO

Holding Levels Value in ₹
Tomorrow Up Target 1 866
Tomorrow Up Target 2 855
Tomorrow Up Target 3 835
Based on where the stock opens tomorrow, if CHENNPETRO opens on a positive note, our first target will be ₹896. If Target 1 is achieved, we will aim for Target 2 which is ₹917.

But if CHENNPETRO falls below the average value of ₹885.73, you can enter a sell side position with target number 1 - ₹866 and second target - ₹855 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.

Daily Volume chart of CHENNPETRO

Looking at CHENNPETRO, we've seen a Decreasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.

In terms of its price, CHENNPETRO has been on a Downward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for CHENNPETRO is moderate bearish.

Tomorrow's Volume based share price Forecast for CHENNPETRO

CHENNPETRO's Volume is currently in a Decreasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a moderate bearish trend. Volume trend strength over the last month compared to the last week is -45%.

Reversal detection for CHENNPETRO

Predicted trend chart of CHENNPETRO tomorrow for price forecast
CHENNPETRO may trend may continue to be bearish since stock is making lower low and we can get target of ₹904 in morning tomorrow
Target 1 tomorrow898
Target 2 tomorrow905
Target 3 tomorrow917
 

Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.

Combine this trend forecast with CHENNPETRO's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.

Based on where the stock opens tomorrow, if CHENNPETRO opens on a positive note, our first target will be ₹896.47. If Target 1 is achieved, we will aim for Target 2 which is ₹916.58.

But if CHENNPETRO falls below the average value of ₹885.73, you can enter a sell side position with target number 1 - ₹865.62 and second target - ₹854.88

CHENNPETRO's Weekly Targets
1st Up Target 924.33
2nd Up Target 972.32
1st Down Target 828.43
2nd Down Target 780.52

As the week for CHENNPETRO ended on bullish sentiments, we can expect further continuation of this sentiment. CHENNPETRO's initial target will be 924.33 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 828.43 in the upcoming week.

Weekly OHLC Values
Open 856.30
High 924.40
Low 828.50
Close 876.35

Week for CHENNPETRO started with an open price of 856.30, and the close was at 876.35. CHENNPETRO reached the highest of 924.40 and dipped lowest up to 828.50 last week. This indicates a bullish sentiment for the week.

CHENNPETRO full month swing targets
Monthly Up Target 1 1,020.23
Monthly Up Target 2 1,068.22
Monthly Down Target 1 732.53
Monthly Down Target 2 588.72

Targets of ₹1,020.23 can be expected to be reached in the coming month. Once CHENNPETRO achieved this target, we can aim for the next upside target of ₹1,068.22.

CHENNPETRO if fails to hold upside, down targets of ₹732.53 and ₹588.72 can be achieved by end of this month.

For complete three weeks if CHENNPETRO is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.

Related Stocks in the Same Sector as CHENNPETRO

Symbol Name Industry
RELIANCE Reliance Industries Limited Oil & Gas Refining & Marketing
ADANIENT Adani Enterprises Limited Thermal Coal
ONGC Oil & Natural Gas Corporation Limited Oil & Gas Integrated
COALINDIA Coal India Limited Thermal Coal
IOC Indian Oil Corporation Limited Oil & Gas Refining & Marketing

Summary

CHENNPETRO is expected to reach the target of 896.47 in tomorrow's trading session.

After achieving the initial target in CHENNPETRO, we will aim for higher targets of 916.58 tomorrow.

However, if CHENNPETRO starts to trade below ₹885.73, then we will shift our focus to the sell side and aim for down targets of 865.62 and 854.88.