Al-Mutakhassisa stabilizes awaiting rebound
The share of Methaq Petroleum Chemicals shows a state of technical anticipation due to its stability near key demand zones, despite the continuation of the secondary downward trend and dominant selling pressure on its performance in the Saudi market. Despite the selling pressures, technical indicators such as the Relative Strength Divergence suggest a decline in the intensity of the bearish momentum, accompanied by a notable increase in trading volumes, which supports the possibility of a corrective rebound provided that a break above the key resistance level at 23.25 SAR occurs. The support level at 22.43 – 21.73 SAR is considered critical; any close below 22.45 SAR may reintroduce negative pressure, while a breakout above resistance could push the stock toward levels between 23.78 and 25.22 SAR, with the prospects of a correction increasing as long as the support and resistance conditions remain intact.
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