Chennai Petroleum – Retesting Highs, Momentum Strengthening (Weekly)

is showing strong recovery momentum after a sharp correction from its previous peak. The stock has rebounded from the ₹550–600 zone and is now approaching its earlier resistance near ₹1,050–1,100, indicating a potential continuation setup. Technical Structure • Strong rebound forming a higher low structure on weekly chart • Price trading above short-term EMA, signalling bullish momentum • Current move resembles a V-shaped recovery + consolidation breakout attempt • Stochastic RSI in overbought zone, reflecting strong trend strength • Volume expansion during up-moves suggests institutional participation Key Levels to Watch Immediate resistance: ₹1,080–1,120 • Breakout above ₹1,120 → Target 1: ₹1,250 Target 2: ₹1,400 Support levels: • Immediate: ₹920–950 • Major: ₹800–820 Fundamental Perspective • Beneficiary of refining margin (GRM) cycles • Strong leverage to oil price spreads and demand recovery • PSU refining theme gaining traction amid energy demand growth ➡️ A decisive breakout above ₹1,120 could signal trend continuation toward new highs.