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Al-Omran shares test key support levels
The share of Al-Omran for Industry and Trade ("Al-Omran") is experiencing persistent selling pressure, leading it to follow a clear downward trend since the beginning of the year after breaking a major support level at 23.65 SAR. Currently, the stock is testing a key support level around 19.82 SAR, and if this support is breached, it could fall to levels between 19.41 SAR and 18.52 SAR. Technical indicators, such as the Average Directional Movement Index (ADX), confirm the continuation of the downtrend. The stock needs to trade above a major resistance level at 23.17 SAR to begin stabilizing and changing its downward course, with stability above 26.50 SAR being crucial for a full reversal to an upward trend.
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