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Saudi Pipes tests resistance amid cautious trading
The shares of the Saudi Pipe Company (Saudi Pipes) are testing resistance levels amid cautious trading and acontinued upward trend, recording positive movements and breaking through some short-term moving averages, with high trading volumes anticipated to confirm this. The stock faces resistance at 55.50 riyals, and if it manages to close above this level, it is expected to target 55.75 riyals and higher regions up to 59.85 riyals, with protective levels set at 51.85 riyals. Data indicates that the stock is moving within an ascending channel, and buying pressures remain dominant, suggesting the possibility of the continued overall upward trend.
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