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Bahri Shares Remain Range-Bound After Sharp Correction Wave
The performance of the Saudi Marine Shipping Company (Bahri) stock has stabilized within a sideways trading range after a sharp corrective wave that reached unprecedented record levels. The stock started 2024 supported by the formation of a base at 25.10 riyals, which led to a gradual rise, breaking through important resistance levels and reaching a historic high near 38.80 riyals in April. After a deep correction and a decline back to previous support levels, it is currently approaching the 33.20 riyals zone, which is a key control point. This is an important technical level; breaking through it could support continued upward movement, with potential targets of 34.08 and 36.45 riyals if buying momentum persists. Meanwhile, it is emphasized that maintaining support levels around 31.64 riyals is crucial to avoid a new corrective wave.
Notice: This Is an AI-Generated Summary
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