⭐ Chennai Petro – Strong Range Breakout Setup Coming

The stock has formed a tight consolidation zone after a sharp fall, and now it is showing early signs of a bullish range breakout. 🔍 1. Consolidation Structure Your chart shows a clear rectangular base: Range High: ~₹950 Range Low: ~₹900 Price has spent almost 2 weeks inside this zone → indicating stabilization + absorption of selling pressure. ⭐ 2. Price Action Signal Today’s candle: ✔ Strong bullish close ✔ Closing near day high ✔ Range high retest ✔ First strong green candle after multiple small-bodied candles This shows shift in momentum from sellers → buyers. 📌 3. Breakout Zone to Watch A confirmed breakout will happen only when: ➡ Daily Close Above ₹950 Once that happens, a fast move towards your projected level is very likely. 🎯 4. Target Projection After Breakout Range height = ₹950 – ₹900 = ₹50 Projected breakout target: Target 1: ₹1,000 Target 2: ₹1,025 Target 3: ₹1,050 (your 7% projection is perfect) Your blue target box is accurate and technically valid. 🛡 5. Stop Loss Plan Type Stop Loss Swing SL ₹900 (range low) Safe SL ₹910 Aggressive SL ₹925 📌 6. Volume Behavior Volume is: Lower during consolidation (normal before breakout) Sudden volume expansion today confirms bullish participation No aggressive selling candles inside the range → selling pressure reducing This is typical pre-breakout compression. ⭐ Final View Chennai Petro is showing bottom formation and preparing for a range breakout. A close above ₹950 will open the gates for ₹1000–₹1050. Your breakout target is technically perfect.