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SAKCO shares rise from yearly lows
The share of Saudi company Sasco has experienced a shift in its short-term technical trend after rebounding from October's low at 37.20 Riyals. It managed to break through the nine-month moving average (EMA9), despite a decline in trading volumes. Currently, the stock is trading around 39.94 Riyals, with expectations of targeting levels of 40.95 and 41.95 Riyals if positive momentum continues, along with breaking a resistance at 42.40 Riyals. Conversely, falling below 38.10 Riyals is considered a warning signal that could send the stock back to its yearly lows. The current trading activity is expected to confirm an initial support level and suggest potential recovery, although there are technical risks if positive performance fails to sustain.
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