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Saudi Pipes tests resistance levels
The Saudi Steel Pipes Company’s stock continues to rise and is approaching a significant resistance level at 59.50–59.55 Riyals, which is the highest price recorded so far this year. It is supported by technical indicators such as moving averages and the MACD which confirm buying strength. There are expectations of further upward movement towards price targets between 68.95 and 69.80 Riyals if the stock manages to break through and stay above the resistance zone. Despite the positive momentum, the stock's movement requires continued liquidity and support from buyers to ensure it surpasses the current peak. Monitoring the key support level at 56.10 Riyals is crucial, as a break below this may halt the upward trend and lead to a temporary correction.
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