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Eastern Development shares stay stable amid price base efforts
The share of Al Sharqiya Development Company contributed to stability within a broad sideways range, as it attempts to establish a new price base following last year's decline. The main support levels are around 14.27 Riyals, with resistance at 15.32 Riyals, while a major resistance level of 14.78 Riyals is being tested. If the stock successfully closes above this level, it could push it toward targets between 15.15 and 15.38 Riyals, with the potential for upside extension to 15.78 Riyals. Conversely, staying below 14.36 Riyals may confine it to horizontal movement and hinder its upward momentum. It is worth noting that the stock was on a downward trend last year, but it has begun rebuilding a price base as trading activity improves, and it broke through a resistance level at 15.10 Riyals in June, indicating a temporary shift from a bearish to a bullish trend.
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