24 Days
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Saudi Pipes shares test key support level
The share of the Saudi Steel Pipes Company (Saudi Pipes) declined after failing to break through a key resistance level at 57.90 Riyals. This led to selling pressure and pushed the price toward an important support level at 48.88 Riyals, which coincides with the 200-day moving average. Maintaining trading above this support is crucial for preserving price stability, while a break below it could open the door to further declines toward 47.74 Riyals and then 46.48 Riyals, with potential continued pressure down to 45.42 Riyals. On the other hand, if the stock manages to recover the 54.70 Riyal level, it could limit downward pressure and enable it to resume its upward trend. Since the beginning of 2026, the stock has performed well after establishing a strong price base and successfully breaking through a resistance at 42.70 Riyals, despite currently retracing from its recent high.
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