NRL Nears a Projected Reversal Zone: Bullish Confirmation National Refinery LimitedPSX_DLY:NRLmsid1NRL Nears a Projected Reversal Zone: Bullish Confirmation Required NRL has corrected sharply from the 670–680 region, with the latest daily candle closing at 499.90 after a 10% decline. Selling pressure remains dominant, and a bullish reversal is not yet confirmed. Potential Reversal Area: The marked 2× supply projection highlights approximately 455–475 as a zone to watch for a possible bullish reaction. Bullish Confirmation: I’m waiting for a daily bullish engulfing candle within this zone. A subsequent break of the nearest lower high, followed by a successful retest with another bullish pattern, would strengthen the recovery setup. Upside Scenario: If confirmation develops, a recovery toward 500–510 could follow. Sustained acceptance above this area could bring 550–570 back into focus. Bearish Scenario: If price moves through the reversal zone without bullish confirmation and sustains below 455, further downside toward 430, followed by 390–400, could develop. Disclaimer: Educational technical observation only — not financial advice.