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Mine stock rises with higher volume
The Al Manajem Food Company stock successfully achieved positive shifts after surpassing the main resistance level of 57 riyals, supported by increased trading volumes. This indicates the beginning of a secondary bullish trend aimed at correcting the previous downward movement. Technical analysis shows that the stock has stabilized above the moving averages, with expectations of further gains if trading remains above 65.45 riyals, reaching between 66.95 and 68.75 riyals, and aiming for targets of up to 73.60 riyals if buying strength continues. However, it could retrace to test the price gap if it fails to maintain its gains. Historically, the stock experienced rises at the start of the year followed by a decline, before showing signs of strengthening the upward trend with the breakout of important resistance points last month.
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