We previously referred to an analysis of the refineries stock through this Link
Whereas, the Saudi Refiners' share, with Code No. 2030, moved in an upward direction from the bottom of March, as it moved from the support levels 27.00-28.30 in an upward trend line, breaching the resistance levels 39.50-41.00 to confirm its upward trend
The daily frame shows strong bullish candles indicating the strength of the bullish trend that occurred on the stock
We had expected to reach higher levels of resistance at 49.50-50.65 at the expected harmonic bat pattern with 88% fibo correction of the xa leg
This is what happened, and the stock went further than this and is expected to correct to 64.65 levels, then resume the rise
