Zamil Industrial Investment Co. (2240)

ZAMIL shares have been reaching higher peaks, while the Commodity Channel Index indicator is showing diminishing highs, indicating a bearish divergence pattern on the weekly timeframe. This pattern suggests the beginning of a downward trend. Confirmation of this trend would occur if the price breaks below the support level of 23.70 SAR. Conversely, if the price manages to break and sustain above the resistance level of 28.50 SAR, the next resistance is expected around 32.10 SAR. It is advisable to consider taking a long position only after the breakout is confirmed, and to implement a stop-loss strategy to manage risk effectively.

Comment:

ZAMIL is trying to break above, if its successful then trend will opposite.

Trade closed: target reached