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

Confidence Petroleum India Limited

Symbol: NSE:CONFIPET

ISIN: INE552D01024

90.90

As on 2024-04-24

57.50 (52W Low) 120.00 (52W High)

CONFIPET's Today's Performance

Confidence Petroleum India Limited started the day by opening at 90.95 today 2024-04-24. Its shares reached a high of 92.70 and dipped to a low of 90.30 in intraday. When the markets closed, CONFIPET’s stock price settled at ₹90.90 per share. Also check out its key support and resistance levels.

CONFIPET Buy/Sell Targets

Tomorrow, sell CONFIPET when its price reaches ₹ 90.90 with a stop-loss order at ₹ 91.94. You can set the target price as ₹ 89.86 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 CONFIPET 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 CONFIPET

Downside Targets Value in ₹
Tomorrow Down Target 1 92
Tomorrow Down Target 2 94
Tomorrow Down Target 3 95

Important Levels for CONFIPET

Holding Levels Value in ₹
Tomorrow Up Target 1 90
Tomorrow Up Target 2 89
Tomorrow Up Target 3 88
Based on where the stock opens tomorrow, if CONFIPET opens on a positive note, our first target will be ₹92. If Target 1 is achieved, we will aim for Target 2 which is ₹94.

But if CONFIPET falls below the average value of ₹91.30, you can enter a sell side position with target number 1 - ₹90 and second target - ₹89 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 CONFIPET

Looking at CONFIPET, we've seen a Increasing 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, CONFIPET has been on a Downward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for CONFIPET is strong bearish.

Tomorrow's Volume based share price Forecast for CONFIPET

CONFIPET's Volume is currently in a Increasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a strong bearish trend. Volume trend strength over the last month compared to the last week is 120%.

Reversal detection for CONFIPET

Predicted trend chart of CONFIPET tomorrow for price forecast
CONFIPET may trend may continue to be bearish since stock is making lower low and we can get target of ₹91 in morning tomorrow
Target 1 tomorrow92
Target 2 tomorrow93
Target 3 tomorrow94
 

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 CONFIPET'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 CONFIPET opens on a positive note, our first target will be ₹92.30. If Target 1 is achieved, we will aim for Target 2 which is ₹93.70.

But if CONFIPET falls below the average value of ₹91.30, you can enter a sell side position with target number 1 - ₹89.90 and second target - ₹88.90

CONFIPET's Weekly Targets
1st Up Target 92.43
2nd Up Target 93.97
1st Down Target 89.63
2nd Down Target 88.37

As the week for CONFIPET ended on bearish sentiments, we can expect further continuation of this sentiment. CONFIPET's initial target will be 92.43 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 89.63 in the upcoming week.

Weekly OHLC Values
Open 91.00
High 92.70
Low 89.90
Close 90.90

Week for CONFIPET started with an open price of 91.00, and the close was at 90.90. CONFIPET reached the highest of 92.70 and dipped lowest up to 89.90 last week. This indicates a bearish sentiment for the week.

CONFIPET full month swing targets
Monthly Up Target 1 95.23
Monthly Up Target 2 96.77
Monthly Down Target 1 86.83
Monthly Down Target 2 82.77

Targets of ₹95.23 can be expected to be reached in the coming month. Once CONFIPET achieved this target, we can aim for the next upside target of ₹96.77.

CONFIPET if fails to hold upside, down targets of ₹86.83 and ₹82.77 can be achieved by end of this month.

For complete three weeks if CONFIPET 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 CONFIPET

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

CONFIPET is expected to reach the target of 92.30 in tomorrow's trading session.

After achieving the initial target in CONFIPET, we will aim for higher targets of 93.70 tomorrow.

However, if CONFIPET starts to trade below ₹91.30, then we will shift our focus to the sell side and aim for down targets of 89.90 and 88.90.