PSF share dips after new high
The Saudi French Bank "B.S.F." share pulled back from its record levels after reaching a new historical peak, amid strong selling pressures that led to a breakdown of important technical support levels. Technical data indicate that the short-term downtrend continues, as the stock remains below the 50-day moving average and the key support level at 20.55 riyals. This opens the possibility of testing lower support levels, potentially reaching 19.43 riyals if selling pressures persist. Although it hit record highs earlier this year, taking profits in September affected the stock's performance; the 19.80 riyals level is considered a critical point to maintain technical balance. Conversely, the potential for improvement remains if the stock manages to rise back above 21.23 riyals and regain buying momentum.
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