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Al-Mamlakah share holds near support level
The Kingdom Holding Company’s stock has remained stable near a key technical support level following a correction wave after a strong rise in recent months. The stock continues to attempt to maintain its secondary bullish trend. It has held above the support level of approximately 11 riyals despite profit-taking that occurred after reaching May’s highs. Technical analysis indicates that breaking the resistance level of 12.14 riyals and closing above it could support continued upward movement toward 12.43 - 12.75 riyals, paving the way for levels of 13.10 - 13.38 riyals in the short term. Conversely, dropping below 11.70 riyals would weaken the positive momentum and trigger a reassessment of key support levels, potentially delaying the continuation of the upward trend. Since the beginning of the year, the stock started around 7.50 riyals in an upward trend before experiencing a correction, with a positive technical outlook remaining as long as trading stays above the main support levels.
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