PRL Pakistan Refinery Limited short term analysis 16th Dec. 2020

Rebound Insight

Our Pivot: 19.30

Our Preference: Start buying PRL from current price and average it out till 20.40 with strict stop loss of 19.32 with profit target at 23.60 with extension towards 24.40.

Alternate Scenario: Downward penetration of 19.30 will call for 18.50 and 17.30.

NOTE: PRL is going to retest a strong horizontal supportive region and complete correction of its last bullish rally and if it would succeed in maintaining above these both objects then it would bounce back for a new monthly high.

Daily chart with supports & resistances: