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Mutwattirah's stock advances beyond sideways trend
The stock of the Saudi Advanced Industries Company (Mutaqaddim) experienced a sharp decline after breaking out of the sideways trading range that had been controlling its performance throughout September. It broke important technical levels, increasing the likelihood of a continued downtrend. The stock fell below the 14.20 riyal level, with key support levels at 13.50 and 13.11 riyals to prevent further decline. To regain positive momentum, it needs to test the 14.20 riyal level again; if that level is surpassed, the next target is the 15.00 riyal resistance, which could change the current negative outlook.
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