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Al-Masafi shares rise amid increased buying activity
The share of the Saudi Arabian Refining Company has experienced a noticeable technical shift, having broken through the main downward trendline since October 2024, supported by an increase in trading volumes. This led to a price rise toward the level of 60.55 riyals before retreating to test support at 52.90 riyals, then rebounding and closing at 58.95 riyals. Overcoming the 60.60 riyals level and closing above it is a key condition for opening up price prospects toward 62.10 and 63.65 riyals, with the potential to raise targets to a range between 65.25 and 67.40 riyals, provided upward momentum continues. In the long term, the movement still needs to maintain support at 56.20 riyals, with the level of 65.95 riyals being crucial for a complete recovery of the positive trend.
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