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Al-Murafff shares rise amid technical gains
Mawarif Electricity and Water Company—Jubail and Yanbu share—experienced a notable technical shift in today's trading. The stock broke through the main resistance level of the downward trend that has dominated its performance since June, successfully surpassing the 38.98 SAR level, while remaining above 39.88 SAR. This breakout indicates the beginning of a secondary upward trend aimed at correcting the long-term downward move. Expectations are set for further gains toward resistance levels between 41.90 and 42.75 SAR, with a target of 44.24 SAR, provided that momentum is maintained above 39.88 SAR. This positive shift is supported by increased trading volumes, reflecting the entry of new liquidity, which enhances the prospects of regaining an upward trend in the short term. However, caution is advised in case of a breakdown below the 38.64 to 37.46 SAR range, as it could signal a loss of momentum.
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