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Fish stake rebounds amid higher volumes
The Saudi Fish Company ("Asmak") stock has attempted a technical rebound after sharp declines, managing to hold above a key support level at 46.60 SAR. This was driven by increased trading volumes, which suggests the potential to establish a new price base. In the recent session, the stock rose to around 51.90 SAR, with expectations that maintaining its stability above this level could pave the way for further gains targeting between 53.15 and 54.80 SAR, heading toward resistance levels between 56.50 and 57.40 SAR. However, selling pressures still dominate the overall trend for 2024, as the stock started the year at 67.70 SAR and dropped to a low of 38.15 SAR. This reflects ongoing bleeding in the stock price despite short-term recovery attempts. Support levels near 49.90 and 49.42 SAR are crucial to maintain stability and prevent a return to the downward trend.
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