Gas arrow: price movement stability above the support areas supports the positive outlook

 

In front of us is the chart of the gas stock from the Saudi market with an interval of 4 hours, where we notice on the attached chart that the stock has tended to rise after the stock rebounded from the support formed at the support areas of 27 riyals, as the stock turned to the upside to record its first peak at the resistance levels 28.70 riyals, then the stock tended to decline to levels of 27.75 riyals, to rebound again to levels of 32.40 riyals, which it was unable to penetrate, to fall to levels of 29 riyals, then the stock rebounded again to continue rising to levels of 64 riyals, then the stock fell to the support areas 50 riyals, from which the stock rebounded to reach areas of 62 riyals, then the stock retreated to areas of 52.70 riyals, then returned to rebound again to areas of 59.50 riyals, then the stock fell to areas of support 52.60 riyals, where the stock is currently settling above at areas of 53.10 riyals.

The gas stock is currently trading above the support zone of 52.60 riyals, which we expect if the price movement above it remains stable, the gas stock will rebound from those areas to target 54.50 riyals.

As for technical indicators, we notice signs of a positive reversal on the movements of the RSI, which we expect to support the suggested positive outlook.

The continuation of the stock’s negativity by breaking the support 52.60 riyals.

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