Paper Manufacturing share faces correction
The article explains that the Saudi Paper Manufacturing Company's stock is experiencing corrective pressures after a series of gains, as it failed to break through the resistance level of 71.40 riyals. This led to the emergence of selling pressures supported by a decline in buying momentum. Currently, the market is watching the main support level at 62.60 riyals, and if this level is breached, the decline could continue to lower support levels at 61.35 and 60.05 riyals. There are expectations of regaining balance if the price stabilizes above 67 riyals. It is worth noting that the stock has been moving since the beginning of 2024 within a range between 46.60 riyals and 63.95 riyals, with increased trading activity in the previous March, which supported the secondary upward trend. However, the decline in buying momentum urges caution regarding the continuation of the correction.
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