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Penetration Share Reaches Historic Low
Nefouq Food Products Company's stock recorded a historic low at 5.77 SAR amid ongoing selling pressures, with the stock moving in a sharp downward trend and breaking previous support levels. Since January 2024, the stock's highest price was 10.40 SAR before entering a series of declines, but it has started to show signs of recovery, accompanied by increased trading volumes and testing the 50-day moving average resistance. The stock remains on a major bearish trend, and its stability above 6.37 SAR is necessary for further gains toward 6.50 and 6.68 SAR. Confirmation of a trend reversal would require a break above the key resistance at 7.84 SAR. Conversely, breaking below 6.06 SAR could reintroduce downward pressure and push the stock back into a declining path.
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