SAUDI FISHERIES CO: Bearish Reversal

Saudi Fisheries Co (SAFCO) is in a bearish reversal pattern on the 4-hour chart. The stock has been declining since the beginning of the month and is currently trading below the 200-day moving average.

The MACD indicator is also bearish, with the MACD line crossing below the signal line. This suggests that the momentum is in the bears' favor.

The next support level to watch is 25.00. If SAFCO can break below this level, it could open the door to a move towards 24.00 and beyond.

However, it is important to note that the market is still volatile, so traders should be prepared for pullbacks.

Overall, the technical indicators are bearish for SAFCO. The recent decline below the 200-day moving average is a negative sign, and traders should look for opportunities to sell the rallies.


I am bearish on SAFCO in the short-term. I believe that the bears will continue to push the price lower, and I am targeting 25.00 and 24.00 in the near future. However, it is important to remember that the market is still volatile, so traders should be prepared for pullbacks.

Here are some other things to consider when trading SAFCO:

The stock is still above the 23.00 support level, which could act as a floor.
The Relative Strength Index (RSI) is in oversold territory, which could lead to a bounce.
The market is still volatile, so traders should be prepared for sharp movements in either direction.