Ground Services Stock: Continuing negative pressure supports targeting areas of 32.50 riyals

 

In front of us is the chart of the ground services stock from the Saudi market with an interval of 4 hours, where we notice on the attached chart that the stock has headed to the upside after the stock rebounded from the support formed at 20.28 riyals, as the stock turned to the upside to record its first peak at the resistance levels of 26.65 SAR, then the stock headed to decline at levels of SAR 22.80, to rebound again to levels of SAR 30, which it was unable to penetrate. The stock declined to SAR 26.80 levels, then the stock rebounded until the stock recorded its highest peak at SAR 39.70, which quickly turned The stock fell sequentially to reach a bottom at the support areas of 28.95 riyals, from which the stock rebounded until it reached areas of 34.70 riyals, where the stock retreated from it, to settle at the current levels of 33.65 riyals.

With the failure of the ground services stock to stabilize above the resistance 34.40 riyals, the stock returned to retreat below it, where we expect that with the continuation of the negative pressure, the ground services stock correction will continue to target areas of 32.50 riyals.

As for technical indicators, we notice the emergence of a negative reversal on the movements of the RSI, which we expect to support the proposed negative outlook

Positive return of the stock by penetrating areas of 34.40 riyals

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