PSX · REFINERY · 1 Hour
NRL Bearish change of character
National Refinery Limited · 22 Oct 2026 · 11:30 PKT
▼ Bearish CHoCH Market structure · CHoCH
Structure levels
- Close
- 569.11
- ▼ 2.24%
- Broken level
- 576.11
- +1.2%
- CHoCH level
- 688.88
- +21.0%
- ATR
- 13.32
- Target
- Invalidation
- Pattern lines
- Fair value gap (bull / bear)
- Order block
- Strong / weak high and low
- BOS · CHoCHstructure breaks
SMC Structure · Order Blocks · FVG · Pattern Detector 1 Hour candles · click to enlarge
The breakdown
NRL closed below the external strong low at 576.11 - the external trend turns bearish.
The hourly close at 569.11 confirms it. The new external CHoCH level (strong high) is 688.88: a close beyond it would change the character back.
Structure: bearish external, bearish internal (strong high 688.88). Nearest demand OB 541.00 - 550.50, supply OB 680.00 - 685.00.
How to read this signal
- 1 Price closed below the swing level at 576.11, breaking the market structure.
- 2 The structure would flip back on a close beyond the CHoCH level, 688.88 (+21.0%).
- 3 Structure signals carry no fixed target: the next liquidity area is the usual objective.
Pattern guide
About the change of character (choch)
A change of character (CHoCH) is the first close against the trend's structure, breaking the swing low of an uptrend or the swing high of a downtrend: an early sign of reversal.
- Confirmation
- A candle close beyond the swing point that defined the trend.
- Target
- No fixed target: the first opposing liquidity area.
- Fails if
- A move back beyond the broken level that resumes the old trend.