SRMG: The Next Target is 320 Riyal

    • Upon analysing the weekly chart, it is evident that the stock had previously developed a bullish Pennant pattern.
    • Following the breakout, the stock price surged and reached a peak around the 270 level.
    • However, it then experienced a notable decline and started moving downwards.
    • After a period of consolidation, the stock managed to break through its trendline resistance and hit an all-time high.
    • A shooting star candle formed at this point, signalling negative market sentiment.
    • Consequently, the price faced a significant drop.
    • Lately, there has been a noticeable momentum in the stock price, indicating a substantial upside potential.
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    Details of Arijit Banerjee

    Arijit Banerjee CMT CFTe is a seasoned expert in the financial industry, boasting decades of experience in trading, investment, and wealth management. As the founder and chief strategist of Naranj Capital, he’s built a reputation for providing insightful research analysis to guide investment decisions.

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