BAN share approaches 1.88 riyal as decline slows
The shares of Banc Group Holding are testing the 1.88 riyal level after a decrease in selling pressures, despite remaining in a downward trend in the short and medium term. The Relative Strength Index (RSI) has shown a positive divergence, indicating a slowdown in the bearish momentum and the potential for an upward rebound, provided that positive price behavior appears and trading volume increases. The 1.88 riyal level represents an important barrier, and if it is broken with support from increased volume, the stock may aim for resistance levels between 1.92 and 1.94 riyals. It is preferable to maintain a support zone between 1.80 and 1.82 riyals, as a break below it could push the stock back into a downward trend. Since the beginning of the year, the stock has been fluctuating within sideways ranges, and the chances of an upward rebound remain high if it manages to break above 1.88 riyals and hold above the resistance level.
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