Chennai Petroleum Corporation Limited Stock Forecast
Chennai Petroleum Corporation Limited stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 10, 2024)
The Chennai Petroleum Corporation Limited stock price gained 0.86% on the last trading day (Friday, 10th May 2024), rising from ₹848.95 to ₹856.25. During the last trading day the stock fluctuated 6.41% from a day low at ₹832.50 to a day high of ₹885.90. The price has fallen in 7 of the last 10 days and is down by -18.58% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 811 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately ₹1.66 billion.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹824.32 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 7.10% during the next 3 months and, with a 90% probability hold a price between ₹882.88 and ₹1,166.84 at the end of this 3-month period.
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CHENNPETRO.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 0.86%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Chennai Petroleum Corporation Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹930.83 and ₹940.56. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Chennai Petroleum Corporation Limited stock
Chennai Petroleum Corporation Limited finds support from accumulated volume at ₹848.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹53.40 between high and low, or 6.41%. For the last week, the stock has had daily average volatility of 7.48%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CHENNPETRO.NS) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Chennai Petroleum Corporation Limited to open at ₹858.22, and during the day (based on 14 day Average True Range), to move between ₹805.84 and ₹906.66, which gives a possible trading interval of +/-₹50.41 (+/-5.89%) up or down from last closing price. If Chennai Petroleum Corporation Limited takes out the full calculated possible swing range there will be an estimated 11.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹848.95 (0.85%) than the resistance at ₹976.45 (14.04%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Chennai Petroleum Corporation Limited stock A Buy?
The Chennai Petroleum Corporation Limited stock holds several negative signals and despite the positive trend, we believe Chennai Petroleum Corporation Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.929 Sell Candidate Downgraded
Predicted Opening Price for Chennai Petroleum Corporation Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ₹858.22 ( 0.230%) | ₹856.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHENNPETRO.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 911.62 | 6.47 % | |
| R2 | 891.22 | 4.08 % | ||
| R1 | 878.62 | 2.61 % | ||
| Current price: | 856.25 | |||
| Support | S1 | 837.82 | -2.15 % | |
| S2 | 825.22 | -3.62 % | ||
| S3 | 804.82 | -6.01 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,051.65 | 22.82 % | |
| R2 | 990.05 | 15.63 % | ||
| R1 | 976.45 | 14.04 % | ||
| Current price | 856.25 | |||
| Support | S1 | 848.95 | -0.85% | |
| S2 | 824.40 | -3.72% | ||
| S3 | 777.35 | -9.21% |
CHENNPETRO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 04, 2023 | Aug 04, 2023 | Aug 04, 2023 | ₹27.00 | 7.01% |
| 2 | Aug 11, 2022 | Aug 11, 2022 | Aug 11, 2022 | ₹2.00 | 0.80% |
| 3 | Aug 08, 2022 | Aug 08, 2022 | Aug 08, 2022 | ₹2.00 | 0.757% |
| 4 | May 10, 2018 | Aug 14, 2018 | Sep 23, 2018 | ₹18.50 | 6.46% |
| 5 | May 15, 2017 | Aug 14, 2017 | Sep 23, 2017 | ₹21.00 | 5.06% |
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