The above chart of Chennai Petro laid out a Falling Wedge pattern. In a falling wedge pattern, both the upper trend line which connects the highs and the lower trend line which connects the lows converge downwards. The wedge pattern in general indicates a trend reversal. Especially, the falling wedge signals a bullish reversal. This pattern indicates a breakout in the price trend towards an upswing. From the above chart, we can interpret that the momentum of the downtrend is slowing down.
Chennai Petro is currently trading around 238Rs. If the pattern broke through the resistance, the price of Chennai Petro might reach the resistance levels of 285Rs. If the trend reverses, then the price of Chennai Petro may fall to 220Rs