Sadaq Shares Recovering After Drop
The stock of Saudi Industrial Development Company (SADAD) experienced a technical rebound after a corrective decline, settling near the 15.16 riyal level, supported by indicators suggesting the continuation of the upward correction towards higher levels. Technical analyses show an increase in trading volume and positive crossovers on momentum indicators, with the potential to surpass the first resistance at 15.55 riyals and reach 15.95 riyals. The stock is later aiming for the 16.70 riyal level if it continues closing above the Bollinger Bands' upper boundary. However, a scenario where the price remains below 14.55 riyals threatens the upward movement, risking a failure to maintain the rally and the resumption of the downward trend.
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