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Autumn Share Faces Selling Pressure
The share of Al-Khorayef Water & Power Technologies continued to experience selling pressures during recent trading sessions, declining amidst the ongoing downward trend that began at the start of 2024. The stock has been moving within a descending channel since March 2024 and is finding it difficult to maintain a pivotal support level between 108.50 and 111 riyals. There is a possibility of further decline toward lower support levels between 104.10 and 87.10 riyals if selling pressures persist. Technical analysis indicates that the stock needs to reclaim the 129.90 riyal level to potentially resume an upward trend. Despite some temporary rebound waves after breaking a key support at 117.30 riyals, overall performance remains negative since the breach, reflecting a significant decline in momentum.
Notice: This Is an AI-Generated Summary
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