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Musk stock tests support amid trading volume increase
The share of Middle East Specialized Cables Company "Mesk" has shown resilience near key technical support levels after a wave of active trading and strong trading volumes, in an effort to confirm a breakout of the previous resistance and turn it into support to reinforce the short-term bullish trend. The stock successfully achieved price targets between 33.22 and 34.65 SAR after surpassing a resistance level at 32.40 SAR, and it continues to trade above this level despite selling pressures. Continuing the upward trend requires trading above 35.00 SAR, with the possibility of reaching levels between 35.82 and 36.78 SAR if a successful breakout occurs. The support range remains between 32.40 and 33.20 SAR to ensure price stability. This occurs amid a previous downward trend in 2024, where the stock rebounded from critical demand zones between 19.00 and 19.70 SAR, enabling it to test a major resistance at 34.00 SAR and maintain the secondary bullish trend.
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