So the setup for this stock could go two ways. First things first, Its either in an uptrend or in a range market structure. It definitely recovered from its pandemic curfew prices, where its operating in a similar price range as of February 2020. So it needs to break that support line at around 33.5. If it does, next support line could be between 34.6 to 35....
So this stock has been very stubborn, but the upwards channel trend is easy to spot. On a day scale, today technically closed with a hammer, which is a good sign. Also, strong buyers support for this stock is keeping it from getting too close to the support line or the 32.2 price for that matter. Not only that, but the tadawul market today showed that buyers...
A purely technical analysis on this one, but It seems a new trend is emerging. I initially drew an ascending triangle , but there seems to be a lot of respect for the 140-142 resistance. One could argue that a head and shoulders trend could be drawn, which is generally not seen as good. Now, Q2 is almost over, Saudi has recently opened up shops, but the profit...
This is the second time SABIC tests the resistance line drawn. Oil prices going up and an extended OPEC deal should benefit the market as a whole. Volatility for this stock is also good, however, I'd still wait to see what setup will emerge, if it breaks this line of resistance, then I expect the next resistance to be towards the 100SAR mark. Here's hoping it...
