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Wires stock tests support level
The performance of United Wire Factories Company's stock is experiencing ongoing selling pressure and is approaching a key technical support zone between 15.60 and 15.70 riyals. This keeps the overall outlook negative in the short and medium term, especially as trading remains below the resistance level at 18.55 riyals. Stability above the support level is considered essential for a temporary technical rebound toward 16.29 riyals. However, the overall downtrend continues since breaking below 18.10 riyals last year, accompanied by declining trading activity and lower liquidity. Improving the technical picture depends on trading returning above 18.55 riyals and an increase in liquidity.
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