Misk's share tests support levels amid rising Saudi trading
The share of Middle East for Specialized Cables "Misk" is testing key support levels after successfully breaking above the resistance level at 32.40 SAR, indicating its steadiness above this support and raising concerns about its ability to maintain the short-term upward trend. The stock has achieved previous price targets between 33.22 and 34.65 SAR, with an expectation of a breakthrough beyond 35.00 SAR to reach new highs ranging from 35.82 to 36.78 SAR. It is crucial that support remains between 32.40 and 33.20 SAR to prevent sharp declines. This comes after the stock declined in 2024 from a lower peak down to a critical demand zone between 19.00 and 19.70 SAR, which helped support its rebound and price recovery, backed by high trading volumes.
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