Eastern Development tests support levels amid trend shift

The share of Al Sharqiya Development Company has shown a notable technical movement, as it began a rebound phase after testing key support levels, following declines that have persisted since last year. The stock managed to surpass a minor resistance at 13.60 riyals, accompanied by increased liquidity and trading volumes, paving the way for continued upward movement toward the 17.17 riyal level, which is an important technical and psychological barrier. The stock experienced a temporary pullback after reaching these levels but has since returned to test previous support levels. Indicators suggest a potential shift in the short-term trend structure from bearish to bullish, with the importance of maintaining the price above 15.15 riyals to sustain the positive trend.

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