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Al-Muammar aims to surpass 303.80 riyals
The share of Al Moammar Information Systems Company (MIS) is currently under watch as it approaches breaking through a key resistance level at 303.80 riyals, which could pave the way for regaining its historic peak of 338 riyals. After a period of consolidation and accumulation during September, the stock continues to trade above the 50-day moving average. Technical analyses indicate that successfully breaking and holding above the 303.80 riyal level may support an upward trend targeting levels of 310, 317, then 328.80, and eventually 338 riyals. There is also a potential for a corrective move if the support at 294.40 riyals is broken. Previously, the stock experienced a strong rally this year, surpassing a previous high of 197.40 riyals and reaching a record high of 338 riyals in August. However, the continuation of the bullish trend depends on breaking through the current resistance and maintaining above it.
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