Herfy Food Services Company stock has shown notable volatility in performance during 2024.
At the beginning of the year, the stock traded around SAR 28, demonstrating attempts to recover from previous declines. In January 2024, technical analyses indicated that the stock was trying to gain positive momentum for another rise, supported by an upward corrective trendline.
As the year progressed, the stock continued to fluctuate, reaching its lowest point at SAR 27.50 and its highest at SAR 40.70 over a 52-week period. In September 2024, the stock received a positive boost after resting on its 50-day simple moving average, gaining some positive momentum.
From a technical perspective, some analyses highlighted the formation of patterns such as the “Wolf Wave” and the “Flag” pattern, suggesting the potential to achieve higher price targets in the future. For instance, the target for the “Flag” pattern was set at SAR 32, while the “Wolf Wave” pattern targeted SAR 40 in the medium term.
However, the stock faced selling pressures during some periods, leading to price declines. In May 2024, the stock experienced negative pressures that caused a drop, with continued downward pressure due to trading below the 50-day simple moving average.
Looking at current technical indicators, investors are advised to monitor key support and resistance levels, with SAR 27.50 being a strong support level, and levels between SAR 32 and SAR 40 considered potential resistance zones.
Additionally, if the stock closes below the 4E/4C line, further selling is likely, and the chart will be updated accordingly. However, if it touches this line and closes above it, this will mark the minimum decline for this trade.
It is always advisable to conduct additional studies and consult financial analysts before making investment decisions, given the market’s ongoing volatility and potential changes in the company’s performance.