Macro analysis for Saudi Diary and Food Company,
The chart indicates a bull macro trend since 2008 from H&S bottom to the top in 2017 that sent it to the bottom of the trend channel in 2018. Since then the stock has been in a pull pattern.
Since recent weeks the chart has been in accumulation pattern around 170-177 SAR. It now broke above and is going for targets at 210 SAR (+23%) with potential even to achieve 50% at the top of trend channel by year end.
The chart indicates a bull macro trend since 2008 from H&S bottom to the top in 2017 that sent it to the bottom of the trend channel in 2018. Since then the stock has been in a pull pattern.
Since recent weeks the chart has been in accumulation pattern around 170-177 SAR. It now broke above and is going for targets at 210 SAR (+23%) with potential even to achieve 50% at the top of trend channel by year end.