Shares of Saudi Basic Industries Corporation (Sabic) recorded the strongest percentage gain among traded stocks in the latest session. The rally was backed by a surge in trading volume, signaling technical strength and investor conviction.
Technically, Sabic broke through a mid-term downtrend line, supported by its position above the 50-day simple moving average. The price successfully crossed the key resistance level of SAR 61.10, reigniting bullish momentum and paving the path for further gains.
Analysts anticipate that as long as the share remains above SAR 61.10, it could target its next resistance level at SAR 66.50. The technical indicators suggest upward movement potential, making Sabic an attractive option for medium-term investors.
Market Snapshot and Forecast
- Current trading price stands around SAR 63.00, up from the previous close of SAR 61.90.
- Today’s trading range was between SAR 60.95 and SAR 63.75, with expectations to challenge the upper boundary.
- Analyst consensus assigns a 12-month target price average of SAR 63.46, with high estimates reaching SAR 91.00 and low projections at SAR 52.00.
