Chennai Petroleum Corporation Trend Analysis

2022년 5월 2일

Massive dump ahead!!

The price has risen with strong momentum towards key supply zone which is exactly at FIB golden ratio.

Its time to convert your unrealized profits into realized profits before getting wiped out.

Weekly RSI is at highly overbought territory and is showing strong bearish divergence.

Technically price has reached its target, its time for a sell off.

Fundamentally, debt/equity has increased too much to concerning level of 3.31

Promoters may sell off to reduce their debt.

Anything can happen.

Better to stay away from FOMO because of news that Dolly Khanna bought these shares.

She can wait for years, retail public cannot.

I have highlighted key support level around 150 for a possible bounce.

Best level to accumulate is around 100-125 level highlighted as green zone.

Do your own due diligence before taking any action.

Peace!!