3 Days
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Facilities share tests resistance in descending channel
Mawarik Electricity and Water Company (Mawarik) is currently testing a breakout of resistance levels in the downward channel that it began following reaching its highest point in September at 46.15 riyals, after a correction from a low of 26.85 riyals. The current movement is characterized by attempts to confirm a breakthrough of resistance at the 41.20 riyals level, accompanied by positive signals such as the formation of a bullish price candle. However, the stock remains below the 50-day moving average and faces technical challenges along with a decline in trading volume. For a successful breakout, increased buying momentum is required. If the stock manages to close above resistance, it could target levels around 45.70 riyals. Conversely, falling below the support level of 39.88 riyals might send the stock back into a downward correction trend. In the long term, the overall trend remains upward, supported by previous gains above the 200-day moving average, which strengthens the possibility of resuming the upward trend once the breakout is confirmed.
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