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Wafra share tests resistance levels
Vorwafa for Industry and Development's stock is testing a key technical resistance level at around 21.08 riyals, supported by increased trading volumes and positive technical signals on the MACD indicator, indicating a potential continuation of upward momentum. The price needs to stabilize above the 200-day moving average and break through resistance at 21.52 riyals to start reaching target prices up to 23.85 riyals. If the breakout fails, the 20.45 riyals level serves as a potential stop-loss area. The stock has been trading within a sideways range since the beginning of the year, with expectations of continued sideways performance unless key technical barriers are broken.
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