Metal's market tests key levels
The share of the National Company for Manufacturing and Metal Casting (Metalline) is testing important technical levels amid increasing trading volumes, as it attempts to reinforce a corrective trend above the main support level at 11.40 riyals. Analyses indicate that the stock has been trading within a downward channel for years, but it is trying to establish a price base, approaching a point of balance at 12.20 riyals. This could potentially open the way for further gains between 12.48 and 13.20 riyals if buying momentum continues. However, breaking below 11.75 riyals may weaken the prospects for an upward move and lead to a retest of support around 11.45 riyals, necessitating careful monitoring of price behavior.
Notice: This Is an AI-Generated Summary
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