BAN shares test 1.88 riyal level

The share of Banque Group Holding is witnessing an attempt to regain some momentum after a sharp decline, as it tests the 1.88 riyal level, which represents an important psychological and technical barrier. Despite the ongoing downward trend in the short and medium term and breaking below the support level of 1.98 riyal, technical indicators such as the Relative Strength Divergence suggest the possibility of a bullish rebound. The success of this rebound depends on the stock’s ability to breach the 1.88 riyal level supported by increasing trading volumes, with strong support available between 1.80 and 1.82 riyal. If the stock manages to surpass the resistance between 1.92 and 1.94 riyals and remains above it, it could head towards levels of 1.99 and 2.03 riyals, thereby increasing the chances of a corrective move turning into a clear upward wave.

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