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Al-Masafi share tests key levels
The article concerns the movements of the Saudi Arabian Refining Company (Saudi Resins) stock. Currently, the stock is undergoing a critical technical testing phase to determine its future direction. The stock has been in a major downtrend since the beginning of the year, with attempts to build a price base to support a recovery. It remains under selling pressure, despite holding above a key support level at 47.65 SAR, while testing an important technical level at 51.40 SAR. If the momentum continues above this level with increased trading volume, the stock may move toward target prices between 52.60 and 54.70 SAR, with the potential to rise to a resistance at 56.60 SAR. Although there are some rebounds, the price still faces selling pressure, and the main support level remains at 49.10 SAR. If this support is broken, selling pressures could intensify, leading to a further decline in the stock.
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