Al-Masafi shares face key technical tests
The Saudi Arabian Refinery Company's stock is moving in a clear downtrend, currently testing critical technical levels that will either bolster its chances of continuing the decline or support a corrective strategy. Despite attempts to establish a strong price base, the stock has remained under ongoing selling pressure since the beginning of the year, with successive declines reflecting dominance of the bearish trend in the medium term. The 47.65 Riyal level acts as a primary support, while investors are focusing on the 51.40 Riyal level as a key point to test the prospects of ongoing upward movement toward targets between 52.60 and between 54 and 54.70 Riyals, with the possibility of the stock facing resistance at 55.40 Riyals and beyond. Challenges remain, especially if the 49.10 Riyal level is broken, and trading volumes continue to be monitored as they confirm market interest in the current support and resistance levels.
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