PSX · REFINERY · 1 Hour
PRL Head & Shoulders forming
Pakistan Refinery Limited · 30 Oct 2026 · 15:30 PKT
▼ Bearish Forming Chart pattern Against the trend
Trade plan
- Close
- 96.28
- ▼ 2.99%
- Target
- 69.96
- -27.3%
- Invalidation
- —
- ATR
- 1.96
- 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
PRL has completed a head & shoulders on the hourly chart with the head at 114.50 and the neckline at 92.98.
The pattern is confirmed by a hourly close below 92.59. The measured move from the neckline points to 69.96 (-24.8%). A close beyond the head at 114.50 cancels it.
Structure: bullish external, bullish internal (strong low 74.74). Nearest demand OB 92.80 - 93.96, supply OB 103.21 - 105.45.
How to read this signal
- 1 The breakout was confirmed by the 1 hour candle closing below the pattern at 96.28.
- 2 The target, 69.96 (-27.3%), is the pattern's height projected from the breakout.
- 3 Trend context: against the trend.
Pattern guide
About the head and shoulders
A head and shoulders is a topping pattern: three peaks with the middle one highest, resting on a "neckline" whose break often ends an uptrend.
- Confirmation
- A close below the neckline.
- Target
- The height from the head to the neckline, projected down from the break.
- Fails if
- A close back above the right shoulder or the neckline.