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Louvre share tests key resistance
The share of Luberef, a company owned by Saudi Aramco for Base Oils, is preparing to test a pivotal resistance level around 131.30 riyals. This is a significant technical and psychological level that could influence the company's next trend. If the stock successfully breaks through this level convincingly, accompanied by a noticeable increase in trading volumes, it may target prices between 134 and 135.90 riyals, or even higher if buying momentum continues. Conversely, if the breakout fails, the stock is expected to remain within its current sideways range, with potential support at 127.20 riyals, an important level to limit possible declines. The stock previously followed an upward path in January 2024 but faced downward pressure in February, rebounding from a support level at 86.20 riyals before breaking through an important resistance at 107 riyals, continuing its bullish trend until July, when it reached a high of 138.60 riyals. Since then, it has entered a current sideways fluctuation.
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