18 Days
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SABIC shares face short-term correction
The movement of Saudi Basic Industries Corporation (SABIC) stock has experienced selling pressure, pushing it to test the support level at 56.85 riyals. There is a possibility of a short-term corrective phase continuing toward support zones between 55.45 and 54.55 riyals. Technical indicators suggest a negative performance, while the 58.00 riyal level remains important for improving the technical outlook. The 49.00 riyal level continues to serve as the main support to maintain an overall positive trend. The stock had started the year modestly but then showed resilience and achieved technical breakouts, with expectations for continued positive movement if it stays above the resistance at 62.40 riyals.
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