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Al-Fakhariyah Shares Test Resistance
The stock of Saudi Ceramic Pipe Manufacturing Company ("Al-Fakhariyah") currently shows signs of technical recovery after holding above the support level of 15.95 riyals. It is facing key tests to surpass important technical levels such as 17.10 and 17.55 riyals to enhance the prospects of upward movement. Throughout the year, the stock's performance has fluctuated between gains and losses, with the overall downtrend still in place. Breaking above a major resistance at 24.50 riyals is necessary to change the trend. The data indicates that staying above 17.10 riyals is important to support targeting higher levels between 17.95 and 18.32 riyals. Conversely, any decline below 16.20 riyals could limit gains and reintroduce selling pressures.
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