Karachi: National Refinery Limited (NRL) has begun showing signs of recovery, breaking from a longstanding bearish trend. The stock indicates a potential reversal, highlighted by positive developments in its price trend and technical indicators.

According to JS Global, several factors contribute to the optimistic outlook for NRL. Momentum indicators have generated a buy signal, and there has been a breakout above the resistance trendline. Additionally, a double bottom formation—a common chart pattern indicating a potential reversal of a downward trend—has been identified along with the occurrence of bullish candles. While the range between 219 and 222 is seen as initial resistance, surpassing this threshold would confirm the resumption of an upward trend. NRL’s short-term price target is set at 236, with a more ambitious medium-term goal of reaching 260, which would represent a 22% return from current levels. However, a drop below the 198 mark would invalidate these targets.