Chennai Petroleum if you see the stock price from past few trading sessions one thing is observed that 100 SMA is quiet diffcult nut to crack for this stock.After breaking 100 SMA stock has attempted atleast 4 time to crack this elusive resistance and was unable to.
But Can it do this time?
If you see the volume action looks like it can break this resistance we have see good volumes as compared to 14 Day Moving Average volumes,Fuel prices dereagulation is fundamentally positive news for this stock.
MACD is showing positive momentum and RSI showing higher lows and higher tops
Buy above 255 ie. 100 SMA tgt 259.8,265.9 and 270
Inverted Head and Shoulder Formation is seen in Crompton Greaves with neckline placed at Rs 266 levels and if this neckline is sustained and crossed on volumes we may see at least 20% jumo in prices in 3 Months basis.
For extremly short term following levels can be achived
Buy above 266 tgt 269 273 and 279 sl of 259
IF it sustains above 266 we can see levels of 300+ on this stock
Buy above 51 tgt 51.83 52.60 53.5 and 55 sl close below 100 SMA