Amalak shares test key support amid sell-off

Amalak Global for Finance's stock is facing increasing selling pressure and is approaching critical historical support levels around 8.21 riyals, amid a continued downward trend reflecting strong selling momentum. Technical analyses suggest that further decline could push the stock down to 8.00 riyals, and possibly between 7.60 and 7.80 riyals if the pressures persist without change. On the other hand, regaining positive momentum requires surpassing a key resistance at 8.58 riyals, especially breaking through the 9.20 riyals level, which could reverse the downward trend into an upward one. The negative outlook remains as long as the stock stays below these crucial resistance levels, with the 11.20 riyals level being a key indicator for a potential trend reversal in the medium term.

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