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Mutafaddia stock tests resistance levels
The stock of Advanced Petrochemical Company is experiencing attempts to regain positive momentum after a period of selling pressures that caused the price to test the support level at 21.72 riyals, with active trading and improved liquidity. Currently, the stock is approaching a key resistance at 23.68 riyals, and a successful break above this level with sustained stability could pave the way for further gains toward the 24.30–24.94 riyal zone, and then 25.38–25.76 riyals if buying flows continue. The main support at the moment is at 22.82 riyals; maintaining trading above this level is essential for the continuation of the positive scenario, while breaking below it could send the stock back to test lower levels around 22.45 riyals, with the potential for broader declines. Since the start of 2026, the stock has been trading within a secondary downtrend, with a rebound attempt in March but continued selling pressures between May and June, maintaining the medium-term downtrend. The confrontation at the 23.68 riyal level is critical for sustaining an upward move, while support at 22.82 riyals remains pivotal for preserving the short-term positive trend.
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