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Pakistan Refinery Limited

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PRL trade ideas

PRL ANALYSISThough PRL is trending in uptrend channel(yellow) in higher timeframe, presently it is in its down leg(pink channel), it has taken support from an important level of 22, it seems going towards higher end of Yellow channel or measured move after breakout from pink channel but there seem two main hurdles in this scenario, biggest is Bearish Breaker Block at 33 and others is still smaller volumes in its current rise from 22. If PRL gets rejected from 33 then its downside target will be 20. But on a brighter side if it manages to breakout from pink channel at 35 with heavy volumes only then can it go to target of measured move to 46 and yellow channel top 49 Conclusion: Don't buy at current levels before breakout at 35. In case of previous buying apply SL in case of rejection at 33
PSX:PRL
by THE-CHART-ALCHEMIST
No Bearish Divergence on Monthly Tf.No Bearish Divergence on Monthly Tf. But 39-40 is a Very Strong Resistance that needs to Cross & Sustain with Good Volumes to reach 45 - 46 & then 50+ We should not ignore that it has taken Support from a Very Important Fib level around 32.40 Monthly Closing above 33.60 would be a Very Healthy sign. So any dip towards 32.50 - 33.50 can be a Buying Opportunity. However, it should not break 31.80 otherwise we may witness further Selling Pressure towards 28.50 - 28.70
PSX:PRL
by House-of-Technicals
Bullish on Monthly TF but..Bullish on Monthly TF. No Bearish Divergence on Monthly Tf. But 40 - 40.20 is a Very Strong Resistance that needs to Cross & Sustain with Good Volumes to reach 45 - 46 & then 50+ We should not ignore that it has taken Support from a Very Important Fib level around 32.40 Monthly Closing above 33.60 would be a Very Healthy sign. So any dip towards 36.50 - 37.50 & then 34.50 - 35.50 can be a Buying Opportunity. However, it should not break 31.80 otherwise we may witness further Selling Pressure towards 28.50 - 28.70
PSX:PRL
by House-of-Technicals
AB=CD Pattern with Bullish Flag: Key Fibonacci Levels in Play!It could be an example of a Bullish Flag. Why am I posting it? The reason is to show an example of the AB=CD Pattern, and it currently respected the 61.80% Fibonacci level at 22.17. If it breaks the 61.80% level on a closing basis (Keeping in mind, it's a Weekly Chart :-) ), it could drop to 18, potentially forming a double bottom. However, if it plays out as expected, the target can be 40+! Anyhow, I am personally not invested in it—this is just for learning purposes.
PSX:PRL
by PSX_Learner