SAVOLA Group is a major F&B producer and distributer in Saudi Arabia and Middle East. The stock has been trading in down trend over the last year while most other companies were making new all-time high. Why?
The reason being there is a major macro trend taking place since 2006. Lower lows and Higher highs forming a triangle that is generally a sign of major pull after it breaks to the upside. For the time being, the chart seems to have bottomed at around 30 SAR and now is moving on the leg up to make a new high at the upper edge of the triangle lines.
We have entered the trade at 32 SAR with our target at (+23%). Keep watching this will be the trade of 2022 and 2023.