Utilities share tests key technical levels
The share of the Jubail and Yanbu Electricity and Water Company has experienced significant technical movements following a period of sharp decline since the beginning of 2024. It successfully broke through a key resistance level at 41.20 SAR, supporting the prospects for continued upward movement toward targets between 43.88 and 44.54 SAR, provided that it remains above the support level of 41.20 SAR and closes above the resistance on the daily chart. If the stock manages to surpass the resistance at 42.80 SAR with increased trading volume, it could move towards levels of 46.00 and 47.22 SAR. Achieving this depends on the ongoing strength of positive momentum and protection of the support level. The stock's movement had previously fallen to an all-time low of 26.84 SAR in March before showing signs of a trend reversal and increased trading volume, which enhances the chances of the price entering a new phase after a long downward period.
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