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SRMG: The Next Target is 320 Riyal
Naranj Capital Research Desk
July 18, 2024
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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