Louvre stock stabilizes at 126.80 Riyals
Following a support test at 126.80 SAR, Saudi Aramco's basic oils stock "Luberef" faces a critical level, amid a decline in buying momentum and negative divergence between price movement and the Relative Strength Index (RSI). Technical analysis indicates that breaking this support could lead to a drop to several levels, including 123.40 SAR and 120.20 SAR, with a subsequent support at 116.60 SAR. To regain momentum, the stock needs to surpass a resistance at 131.20 SAR. In 2024, the stock started an upward trajectory before experiencing a sharp decline in February, followed by a rebound from a demand zone around 82.40 SAR, and then continued its upward trend, reaching a peak at 143 SAR. Currently, the focus is on whether the stock can hold above the support level and prevent a continuous decline.
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