NRL on the daily timeframe displays a well-formed Inverse Head and Shoulders pattern, which is a classic bullish reversal signal. The left shoulder, head, and right shoulder are clearly identifiable, with the price now approaching the neckline resistance around the 273 level. A breakout above this neckline with strong volume could trigger an upward move, with potential targets marked at 282, and 295, aligning with prior resistance zones. Notably, similar patterns have been observed across several PSX stocks recently, many of which experienced sharp rallies post-breakout. If this pattern follows the broader market behavior, NRL may also see a strong bullish continuation upon confirmation.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.