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Cables stock steadies amid buying efforts
The Saudi Cable Company stock has been experiencing sideways fluctuations since the beginning of September, trading below a key resistance level at 188.10 riyals, with attempts to regain momentum to break through the annual high at 190 riyals. The technical performance reflects a breakout above the nine-day exponential moving average and a rebound from a support level at 175 riyals, despite decreasing trading volumes and weak momentum. Analyses suggest that the stock may target the 185.95 riyals level as the first target, with difficulties expected in surpassing 188.10 riyals to reach a new high. Caution is advised regarding a potential support break, which could send the stock back into a new downtrend. Since the start of 2024, the stock has been on an upward trend from 136.50 riyals but entered a corrective phase before resuming its rise. The market continues to watch closely for confirmation of the ability to break previous highs, which would be supported by increased trading volumes.
Notice: This Is an AI-Generated Summary
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