Al-Maraqib tests channel resistance
The shares of Majd Companies for Electricity and Water in Jubail and Yanbu "Megarif" are attempting to break through the downward price channel that has been in place since September, after reaching an annual high of 46.15 riyals. Currently, the stock is trading around 41.20 riyals amid anticipation of a confirmed breakthrough and surpassing technical barriers. Technical indicators show that the stock is moving within a declining channel after an upward wave that started from the lowest point at 26.85 riyals. There are positive signals such as the formation of a bullish candlestick, but it faces challenges remaining below the 50-day moving average, with decreasing trading volumes. Confirmation of the breakout requires increased buying momentum; otherwise, the price may continue to decline within the corrective pattern. The overall bullish trend remains in place to maintain the stock’s position above the 200-day moving average, which reflects the strength of the long-term trend.
Notice: This Is an AI-Generated Summary
Comments (0)