Technical analysis of Pipes stock and expectations of completing the positivity inside the channel

 

In front of us is the chart of Pipes 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 bottomed at levels of 9.74 riyals, where the stock tended to rise until the stock reached levels of 19.44 riyals, then The stock retreated to the areas of 13.50 riyals, from which the stock rebounded again to record its highest at 28.20 riyals, from which the stock fell to the 17. The price from those areas recorded high peaks and high bottoms within the ascending channel shown on the chart, where the share price is currently stable at 17.04 riyals.

We expect during the upcoming trading that the pipes stock will complete the rise within the ascending channel, in case the price movement remains above the support areas of 16.75 riyals, where it is expected that the pipes share will target levels of 17.80 riyals in the short term.

As for the technical indicators, we notice the continuation of the signs of the return of the positive reversal on the movements of the RSI, which we expect to increase the chances of the suggested positive rebound.

The stock is negative by breaking the support 16.75 riyals.

On our website, you can follow the most important stocks today, and analyzes of the euro against the dollar. Also, you can find on our website Dow Jones analyzes, and recommendations of Saudi stocks.

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