PSX · REFINERY · 1 Hour
PRL Bear Pennant forming
Pakistan Refinery Limited · 05 Nov 2026 · 09:30 PKT
▼ Bearish Forming Chart pattern Against the trend
Lines to watch
Awaiting breakout- Close
- 84.50
- ▼ 1.37%
- Upper line
- 86.36
- +2.2%
- Lower line
- 84.35
- -0.2%
- ATR
- 1.80
- 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 is building a bear pennant after a 20.10 drop (11.2x ATR) on the hourly chart.
The flag channel runs between 84.35 and 86.36. A hourly close below 83.99 signals continuation towards 64.25; a close above 86.36 fails the pattern.
Structure: bullish external, bearish internal (strong low 74.74). Nearest demand OB 74.74 - 79.90, supply OB 97.42 - 99.35.
How to read this signal
- 1 Not triggered yet: the pattern is still forming on the 1 hour chart.
- 2 A 1 hour close above 86.36 (+2.2%) would be an upside breakout.
- 3 A 1 hour close below 84.35 (-0.2%) would be a downside breakout.
- 4 Until one of the lines breaks, there is no target or invalidation level.
Pattern guide
About the bear pennant
A bear pennant is a sharp fall followed by a small symmetrical triangle; a break below it usually continues the fall.
- Confirmation
- A close below the pennant.
- Target
- The length of the pole, projected down from the breakout.
- Fails if
- A close above the pennant.