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Sadafco shares stay above support
The stock of the Saudi Dairy and Food Products Company (SADAFCO) shows signs of technical consolidation above important support levels after a significant decline in recent periods. It has succeeded in maintaining stability above the 201 riyal level despite breaking through support at 221.20 riyals and 218.60 riyals. Technical indicators indicate improved performance and reduced selling pressures. The share is expected to test the 207.50 riyal level as a key technical obstacle. If it manages to surpass this level, it is anticipated to move toward levels between 212.30 and 216.60 riyals, with the potential for momentum to extend up to 223.90 riyals. It is emphasized that staying above the support range of 201 to 202.30 riyals is crucial to maintain price stability; a break below this could increase selling pressure and pave the way for continued correction. The medium to long-term outlook remains positive, provided trading activity resumes, with the 240-riyals level seen as a key milestone for returning to a sustainable upward trend.
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