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Riyadh Cables breaks out of fluctuation zone
The share of Riyadh Cable Company Group is testing a major resistance level at 110.80 SAR after successfully breaking out of the trading range that dominated its movements during August and September, supported by increased trading volumes and growing buying momentum. The stock has shifted from a sideways movement to an upward wave, with the ADX indicator indicating strong trend strength and a positive crossover between trend lines, reinforcing the prospects for continued gains. The stock is expected to target levels of 113.50 and 116.40 SAR, with the possibility of surpassing these to test higher ranges between 119.50 and 123.40 SAR, provided that key support at 105.50 and 104.40 SAR is maintained to keep the bullish trend intact. Success in breaking above the 110.80 SAR level will determine its future direction, with ongoing liquidity flows necessary to extend the upward wave.
Notice: This Is an AI-Generated Summary
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