Safa Group Shares Drop Below Key Support

Saudia Food Company's stock has experienced a noticeable decline recently, remaining below important technical support levels. This underscores the likelihood of the ongoing downtrend that started last year. After coming under selling pressure in September, the stock broke through key support levels at 24.28 SAR and is now trading around the 23.60 SAR level. Further declines are expected if the stock continues to break this support, potentially dropping to areas between 23.03 SAR and 21.75 SAR. On the other hand, technical analysis suggests that reclaiming the 24.80 SAR level could help halt the price decline and restore balance.

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