Chennai Petroleum Corporation Limited (CHENNPETRO)

shows a stock attempting to bottom out after a significant correction from the 980 levels. The stock recently hit a low near 780 and has since formed a higher low. It is currently testing a minor consolidation zone. The price has crossed above the shorter-term moving average 10EMA but is currently finding immediate resistance at the longer-term moving average 20 EMA Resistance: 880 is the immediate hurdle. A breakout above this could lead to a fast move toward 920. 800 acts as a psychological and technical floor. Neutral to Bullish. A sustained close above the 20 EMA would confirm a trend reversal.