Salama shares break key levels

Salama Cooperative Insurance Company's stock successfully surpassed important technical resistance levels, breaking through around 8.55 SAR and 8.99 SAR. This indicates the start of an upward wave that could reach between 9.21 SAR and 10.21 SAR. However, the stock experienced a temporary pullback primarily to test support at 8.55 SAR. It needs to prove stability above 9.00 SAR to continue ascending towards key targets between 9.19 SAR and 9.40 SAR, with the possibility of extending the rise to 9.55 SAR and 9.73 SAR if buying momentum persists. On the other hand, trading below 8.69 SAR increases the likelihood of a decline toward support at 8.53 SAR. A positive performance is expected to resume once the stock recovers the resistance at the 8.65 SAR range, with an essential requirement to stay above 10.60 SAR to demonstrate a medium-term trend improvement.

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