Sharq Pipelines' shares stay above support levels
The share of Eastern Pipes Integrated Industry maintained its support at key levels after a corrective price wave resulting from widespread profit-taking, despite reaching unprecedented record highs in the third quarter of 2026. The stock successfully broke free from a short-term downward channel and is currently consolidating near the main support level at 179.50 riyals, with a gradual improvement in trading volumes. This reflects a decrease in selling pressures and the start of a balance of power between buyers and sellers. Technical analysts confirmed that stability above 192.10 riyals is essential for the continuation of the upward trend, with possible targets between 196.40 and 201.20 riyals. There is also potential for the rally to extend to 209.40 riyals if strong liquidity flows persist. Conversely, failure to maintain this support could lead the stock to retest previous lows and limit short-term recovery prospects.
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