Glass shares face selling pressure

The share of National Glass Industries "Z glass" experienced a noticeable surge during the trading session, successfully surpassing the upper boundary of the Bollinger Bands amid a significant increase in trading volumes that approached three times the average, indicating the entry of strong buying forces. This technical move was accompanied by a positive crossover in the MACD indicator, reinforcing the likelihood of the stock rising toward its targets: initially at 36.45 riyals, then at 37.35 riyals, potentially reaching 39.20 riyals, provided that capital flows continue. The recent breakout is seen as a strong signal of the stock's upward momentum. However, a decline below 34.30 riyals could exert selling pressure, possibly causing a pullback within its sideways trading range. It is advised to monitor the stop-loss level to maintain the positive outlook.

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