Saudi Banking Sector in a Rebound Zone: Monitor Closely
Naranj Capital Research Desk
The bank index underwent a significant correction after the rising wedge pattern failed to hold.
After finding support around the 9,600 level, the index attempted to rally but faced a robust rejection near the 13,100 level, caused a considerable drop.
Nonetheless, the index found support along the trendline and is now steadily climbing.
At the same time, a bearish Pole & Flag pattern has emerged on the chart.
If the index break below this pattern, it may encounter further challenges.
On the flip side, there remains a chance for an upward movement as well.
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