Qassim Cement Shows Technical Gains
The share of Qassim Cement Company has shown a significant technical improvement after breaking a prolonged series of selling pressures that lasted for over ten months. It managed to surpass the main downward trendline established since the beginning of the year, supported by a gradual increase in trading volumes and liquidity. This breakout marked a turning point, forming a secondary upward trend, along with the establishment of a strong price base around support levels between 44.20 and 44.50 riyals. The stock's stability above a resistance level of approximately 45.66 riyals is a key condition for the continuation of its upward movement, which could target levels between 46.70 and 48 riyals if buying momentum persists. Analysts emphasize the importance of maintaining trading above 44.18 riyals to confirm the positive trend, with increased trading volume serving as a sign of traders’ willingness to push towards higher resistance levels.
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