14 Hrs
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Arabian Drilling surpasses key resistance
Arab Drilling Company's stock successfully surpassed a key resistance level at 98.40 riyals, amid increasing trading volumes and positive momentum. This reflects a shift in buying power and support for a price recovery phase. The breakout was followed by a move toward the 100.90 riyals level, which is a Fibonacci correction level, with the potential for continued upward movement toward the zones between 103.40 and 110.80 riyals if momentum persists. These developments indicate the end of the previous downward wave and the beginning of a new phase of performance improvement for the stock, while it remains important to monitor the 96.70 riyals level to maintain the upward trend.
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