Sabic Fertilizers' share approaches resistance
Saudi Basic Industries Corporation (SABIC) for Agricultural Nutrients has shown remarkable performance in the Saudi market, regaining its technical balance after a period of consolidation above important support levels. Currently, the stock faces a minor resistance at 127.10 Riyals, and it needs to surpass this level along with increased trading volumes to continue its upward trend, targeting between 130 and 133.40 Riyals, and eventually reaching higher levels between 136.10 and 138.90 Riyals. Conversely, a close below 122.20 Riyals could weaken buying strength and lead to a decline toward support at 119.50 Riyals. Despite the declines following the historic peak at 154.80 Riyals, the overall trend remains bullish, and the stock needs to overcome technical hurdles to restore its positive momentum in the medium term.
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