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Electrical Industries shares test support levels
The share of the Electric Industries Company has declined in recent sessions, losing the upward momentum it had since the beginning of the year. It tested historic support levels between 11.75 and 11.90 riyals after breaking through important technical levels that previously supported the bullish trend. Selling pressure began after trading stabilized below the 13.47 riyal level, leading to the breach of its initial targets at 12.26 riyals and reaching the current support. There are some signs of weak consolidation despite decreasing trading volumes. From a technical perspective, remaining below support at 11.85 riyals could open the door for further decline, while a breakthrough above 12.23 riyals might halt the decline and lead to a retest of resistance at 12.85 riyals. Tension remains around the stock's ability to stabilize at these levels.
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