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Cables stock steady amid efforts to boost momentum
The Saudi Cable Company stock has been experiencing sideways fluctuations since the beginning of September. It is currently hovering below a key resistance at 188.10 SAR and is attempting to break through it, although trading volumes remain weak, and there is insufficient momentum to exit the current range. The stock is presently trading around 181.40 SAR, with 175.00 SAR serving as a solid support level. The first target remains at 185.95 SAR, with a more ambitious goal at 190.00 SAR, contingent upon successfully breaking the resistance and closing above it. If the support level of 175.00 SAR is broken, the stock will head towards a new downtrend, despite the ongoing upward trend since the start of 2024, which has included corrective waves forming ascending valleys.
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