🚀 Cup & Handle Breakout Zone in Chennai Petro

The stock is forming a Cup & Handle pattern, indicating accumulation and preparation for a potential breakout above ₹800. 🔹 Elliott Wave Structure – The corrective wave looks completed, and price is entering a possible impulsive Wave 3, which typically carries strong upside momentum. 🔹 MACD Divergence – Weekly MACD is showing a bullish crossover, aligning with the ongoing higher lows and strengthening buying interest. 🔹 AVWAP Levels – AVWAP from the 2024 highs is flattening and price is currently sustaining above anchored levels near ₹700, showing strong base formation. 🔹 Fundamental Snapshot – Strong refining margins with improving GRMs (Gross Refining Margins) High ROCE due to efficient capital deployment Solid earnings visibility supported by consistent demand in the oil & gas sector 📈 Technical Setup: Breakout trigger: ₹800 zone (cup rim) Upside potential: ₹950–1,050 post breakout Supports: ₹700 (major), ₹640 (structural support) 👉 A decisive move above ₹800 with volume can lead to a strong rally backed by both technical and fundamental strength.