Al-Rajhi shares target trend reversal

Al Rajhi Bank's stock is aiming to exit the corrective wave that recently dominated its performance. Currently, it is trading within a sideways range between 64.40 and 72.00 riyals, with a noticeable decline in trading volumes and anticipation of motivating price movements. To complete this corrective phase, the stock needs to surpass the 21-day exponential moving average, followed by a break through the 50-day moving average. Such moves could open the path toward upward levels at 66.70, 68.30, and 72.00 riyals. If the stock fails to maintain the support level at 63.15 riyals, a continuation of the corrective movement within the sideways range is expected, with buying and selling pressures continuing to fluctuate and influence its performance.

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