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.