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Amak shares approach key resistance levels
The shares of the companies of Al-Masane'a Al-Kubra for Mining (AMAK) have shown cautious technical movements in an attempt to break through the descending channel that began in February 2026. The stock managed to hold above critical support levels around 68 SAR, which helped regain some buying momentum. Currently, the stock is trading at an important level of 74.50 SAR, which corresponds to the 0.618 Fibonacci retracement of the previous downtrend. This level serves as a key test point to confirm a reversal to an upward trend, with targets expected to reach 77.55 SAR if support holds in the short term. However, experts advise caution, as the overall movement still leans towards a broader downward trend. Notably, the weakness in crossing the 200-day moving average and nearby support levels at 70.65 SAR remain significant for maintaining the bullish outlook. Breaking below this level could hinder positive expectations and rekindle selling pressures. The stock’s volatility in 2026 was notable, with a peak of 117.50 SAR in January, followed by a decline triggered by selling pressures in February and March. This led to a drop towards demand zones between 70.40 and 69.25 SAR, which represent vital support levels. Overall, analysts warn that the stock’s trajectory remains within a larger bearish context. A confirmed breakthrough and sustained trading above the long-term moving average are necessary to confirm the continuation of the upward trend.
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