Saudi Group share tests support levels

The Saudi Industrial Investment Group's stock is testing key support levels amid mixed technical performance, following a sharp downturn at the beginning of September. The stock is trading near a support level at 11.40 riyals, which serves as an important pivot point. Technical analyses indicate that surpassing 11.73 riyals and closing two consecutive sessions above it could enhance the chances of an upward move towards the 12.02-12.08 riyal range, an area with high liquidity that helps determine the stock's future direction. Conversely, continued trading below this support level may lead to further declines, with the stock potentially falling toward levels between 11.45 and 12.00 riyals, characterized by weak buying momentum and past difficulties during June, when it declined after breaking out of a previous upward channel. The current phase represents a test of its ability to hold above support levels to ensure the continuation of the upward trend or to avoid a larger decline.

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