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Facilities stock rises on improved indicators
The share of Majallat Electricity and Water Company in Jubail and Yanbu has shown a remarkable technical shift by breaking above the upper boundary of the descending channel that had confined its movements since June. It has surpassed important resistance levels with a gradual increase in trading volumes. These movements indicate that the stock is entering a secondary upward trend aimed at correcting the long-term downward path, as technical indicators begin to support the continuation of the bullish momentum, provided the stock maintains trading above 39.88 riyals. There are expectations of reaching targets at 40.75 riyals, then a resistance zone between 41.90 and 42.75 riyals, which could be a turning point leading to higher gains up to 44.24 riyals. Data suggests that sustained performance depends on remaining within the strong support zone between 38.64 and 37.46 riyals, coupled with rising trading volumes that reflect the entry of new liquidity.
Notice: This Is an AI-Generated Summary
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