Resistance breakout boosts Marafiq outlook
The stock of Makkah Electricity and Water Company in Jubail and Yanbu, "Makkah," broke through a key resistance level at 35.98 SAR, pushing the price toward targets ranging between 36.82 and 38.16 SAR. Although there are some corrections aimed at a decline in trading volumes, maintaining above the 40.75 SAR level and a positive close support the continuation of the upward trend, with potential targets of 41.90 and 42.75 SAR. Furthermore, surpassing 42.75 SAR reinforces the positive technical outlook and extends the movement toward 44.24 SAR. The nearest support level remains at 38.35 SAR to sustain the bullish momentum.
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