Saudi Pipes stock tests resistance

The Saudi Steel Pipes Company ("Saudi Pipes") stock has continued to perform positively, successfully maintaining its upward trend after a technical breakout of the descending wedge pattern. Clear indicators are beginning to appear suggesting a shift in the price direction following a breakout above the 50.25 riyal level, which pushed the price towards the first target at 54.70 riyals. It is expected to approach a significant resistance at 56.80 riyals. If this level is surpassed with increasing trading volume, the stock may aim for levels between 57.95 and 59.50 riyals, moving towards a further target at 61.70 riyals. The overall outlook remains positive as long as trading stays above the support level of 54.70 riyals, especially since the stock established a strong price base in January 2024 following a sharp decline and a rebound from strong support at 35.30 riyals, which reinforces the prospects for continued growth.

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