A possibility of a 100% move in Confidence Petroleum India Ltd.
The stock is in a ascending triangle setup on weekly timeframe.
The 90-95 zone has been providing some resistance for the stock since 2021 and preventing it from launching above the INR 100 mark. But this 90-95 supply zone is now getting weaker since the constant rising demand for this stock wont let it dip below its previous lows every time and it is thus creating a beautiful upwards rising support zone.
The triangle breakout(when it happens), suggests an upward target of around INR180 for this stock.
Volume too has picked up this week. It should not take very long now for the breakout to play out.
On the downside 80-85 is good support area for the stock.
Note*- The views expressed are personal opinions/observations. Please study technicals &fundamentals of a stock thoroughly before taking any financial decisions.
The 90-95 zone has been providing some resistance for the stock since 2021 and preventing it from launching above the INR 100 mark. But this 90-95 supply zone is now getting weaker since the constant rising demand for this stock wont let it dip below its previous lows every time and it is thus creating a beautiful upwards rising support zone.
The triangle breakout(when it happens), suggests an upward target of around INR180 for this stock.
Volume too has picked up this week. It should not take very long now for the breakout to play out.
On the downside 80-85 is good support area for the stock.
Note*- The views expressed are personal opinions/observations. Please study technicals &fundamentals of a stock thoroughly before taking any financial decisions.
Comment:
SL moved to 84