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Cables stock fluctuates sideways
Saudi Cable Company's shares have experienced sideways fluctuations since the beginning of September, trading around 181.40 SAR, close to a key resistance at 188.10 SAR. If this resistance is broken, the stock could achieve an initial target of 185.95 SAR and then reach its highest levels in 2024 at 190.00 SAR. The main support remains at 175.00 SAR; breaching this level could turn the trend downward. Technical indicators suggest a strong attempt to regain upward momentum and for the stock to enter a new rally, after starting the year at a low of 136.50 SAR and reaching a peak of 190.00 SAR in June. The performance is closely tied to trading volume movements and breaking through resistance zones, with investors continuing to monitor for increased trading volumes to confirm a breakthrough of higher levels.
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