Energy Stock Breaks Out of Ascending Triangle — Rs 200 Comes Into Focus

Stock to Watch: Mangalore Refinery & Petroleum (MRPL)

Mangalore Refinery Breaks Above Ascending Triangle Resistance

Mangalore Refinery has been forming an ascending triangle on the daily chart - the Rs 184– Rs 185 zone has acted as a tough horizontal resistance, while a rising trendline has kept supporting the price from below. That resistance has now given way, with the stock breaking out on a strong bullish candle to close at Rs 184.46. The breakout comes with a sharp rise in volume too, which is a good sign of real buying interest stepping in rather than just a weak push through the level.

Bullish EMA Structure Supports the Price Action

The stock is trading comfortably above its key moving averages, and that keeps the overall trend looking positive. The 9-EMA is at Rs 174.51, 21-EMA at Rs 169.96, and 50-EMA at Rs 164.83, with the longer-term averages sitting well below current price too. So the short and medium-term trend both remain on the bulls' side. The Rs 175– Rs 177 zone now becomes an important support to watch, since that's roughly where the breakout happened from.

RSI Strengthens With Strong Volume Breakout

RSI has climbed to around 64, sitting comfortably above the 50 mark, which shows buying momentum is picking up nicely without tipping into overbought territory just yet. Put together - the triangle breakout, the strong volume, the supportive EMA setup, and RSI on the rise - the overall picture still looks bullish here. On the upside, Rs 190 is the immediate resistance to watch, with Rs 200– Rs 207 as the next zone after that, while Rs 175– Rs 177 stays the key support to hold onto.

Disclaimer: The article is for informational purposes only and not investment advice.