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Saudi Cables stock steady above support
The Saudi Cable Company’s stock remained stable above the support level of 159.60 riyals, following a corrective wave after surpassing key resistance levels between 151.90 and 168.50 riyals. The stock experienced an upward trend throughout 2026, with strong momentum in January and a gradual decline starting from February. It later tested new resistance levels in June at 175.90 riyals before retreating due to profit-taking. To resume the upward trend, a hold above 169.20 riyals is required, with a potential target range between 173.10 and 176.90 riyals. Conversely, breaking below the support at 159.70 riyals could lead to a decline towards 152.30 riyals. The positive outlook remains contingent on achieving a breakout above 175.90 riyals and maintaining trading above that level.
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