Al-Aslak stock tests key support level
Union Factories of Wires is facing ongoing selling pressures, as its share price declines to a key support area between 15.60 and 15.70 riyals, after breaking the previous support level at 18.10 riyals. This has translated into a downward trend since last year. Technical analyses indicate the possibility of continued decline unless the stock can hold above the support level, with a temporary chance of a limited rebound toward 16.29 riyals if it maintains trading above the current level. However, the overall outlook remains negative in the short and medium term due to weak buying momentum and the failure to recover the main resistance level at 18.55 riyals, which is a crucial condition for improving the technical picture and returning to an upward trend.
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