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Gas Holding share faces ongoing sell pressure
The share of Gas and Industrial Company (Gas Holding) is facing continuous selling pressures, having broken through key support levels and fallen to its lowest levels since early April 2024. Technical data confirms weak buying momentum after losing support at 65.10 riyals, with the potential for continued decline toward lower support levels between 61.35 and 63.55 riyals, and an extension of the downward move toward an immediate support at 60.40 riyals. The analysis suggests that breaking below 60.40 riyals could lead to further declines, while the chances for short-term improvement remain dependent on the stock remaining above 68.10 riyals. Since the start of 2024, the stock has exhibited a downward trend, after failing to benefit from previous rebounds, with the expectation that the downtrend will continue if current support levels are broken.
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