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Fish stock faces persistent technical resistance
Since the beginning of the year, the performance of the Saudi Fish Company (Al-Asmak) stock has deteriorated. It has declined from 67.70 SAR in January to a historic low of 38.15 SAR, amid a gradual decline and technical challenges in the market. Despite attempts at short-term rebounds, technical indicators still point to the dominance of a downward trend, with the stock continuing to trade below the 50 and 100-day moving averages, which further supports the likelihood of continued declines in the short term. Currently, the stock is testing a resistance level at 53.15 SAR; if it fails to break through, a decline towards initial support zones between 51.58 and 50.80 SAR may occur, with further targets below that between 49.42 and 48.30 SAR, amid ongoing selling pressures affecting the overall technical performance.
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