Sipchem International stock: the continued rebound of the stock depends on the stability of the support 36.15 riyals
Before us is the chart of the global Sipchem stock from the Saudi market with a time interval of 4 hours, as we notice on the attached chart that the stock has headed to the upside after the stock rebounded from the support formed at the support areas of 11.04 riyals, as the stock tended to rise again until the stock reached the Resistance areas 15.98 riyals, then the stock tended to retreat to 13.14 riyals levels, then the stock returned to rise again until it recorded its highest peak during this bullish trend at 17.72 riyals levels, then the stock retreated to the support areas 14.50 riyals, from which the stock rebounded again to reach To the resistance areas 48.85 riyals, then the stock retreated to the support areas 38.05 riyals, from which the stock rebounded to the resistance areas 46 riyals, which it was unable to penetrate, to retreat and move in the range of an occasional corrective movement, as the stock re-climbed again to reach the areas of 60 riyals, but it did not The stock is able to breach it to retreat again to the support areas of 38.80 riyals, from which the stock rebounded to reach 50.20 riyals, then the price movement retreated to the levels of 30.90 riyals, from which the stock rebounded to the levels of 38.35 riyals, then the stock retreated from it. It has now settled at levels of 36.10 riyals.
Sipchem International stock is currently trading above the internal resistance areas 36.15 riyals, where we expect if this support is stable, that Sipchem International stock will continue its rise towards the areas of 38 riyals, which if its breach is confirmed, we expect it to continue rising towards 39.25 riyals.
With regard to technical indicators, we notice a negative appearance, which we expect will push the stock to test the support areas 36.15 riyals, before bouncing back towards the expected targets.
The stock is negative, breaking the support 36.15 riyals.
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