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Food Products Co (KSA): CMP: SAR23.70
The stock approached the critical resistance line at SAR26.00 (high of May 2009), at which it could hold the initial test. However, stubbornness to cross over there would allow for some near-term consolidation with attempts to go lower for a correction purpose. Meanwhile, the weekly and daily “RSI” indicators are looking overbought at present, which could also increase the probability of the price to turn negative but the medium-term and long-term pictures remains bullish. However, closing above SAR26.00 will promote the target levels at SAR32.00 and SAR39.20. Nearby support levels are located at SAR22.00 and SAR18.00.