Major Counter Trendline Structure, Strong Channel & Demand Flip
The weekly chart for Chennai Petroleum Corporation Ltd (CPCL) presents a robust technical development without classic breakout language.
-Price action has respected a prominent red counter trendline, with the latest move representing a shift in momentum against the prior trend.
-A clean parallel channel with dotted lines has formed, indicating sustained price progression and orderly accumulation over several months.
-There's a key supply-demand conversion zone, now acting as a pivotal support area after functioning as resistance. This is where previous selling interest is replaced by renewed buying activity.
-Notably, volumes are surging in alignment with this move, confirming broad participation and strong conviction among buyers.
-Price action has respected a prominent red counter trendline, with the latest move representing a shift in momentum against the prior trend.
-A clean parallel channel with dotted lines has formed, indicating sustained price progression and orderly accumulation over several months.
-There's a key supply-demand conversion zone, now acting as a pivotal support area after functioning as resistance. This is where previous selling interest is replaced by renewed buying activity.
-Notably, volumes are surging in alignment with this move, confirming broad participation and strong conviction among buyers.
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🎯 Master My Self-Made Trading Strategy
📈 Telegram (Learn Today): t.me/hashtaghammer
✅ WhatsApp (Learn Today): wa.me/919455664601
📈 Telegram (Learn Today): t.me/hashtaghammer
✅ WhatsApp (Learn Today): wa.me/919455664601
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.