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Share of influence hits historic low
Nofouq Food Products Company's stock registered a new historic low at 5.77 riyals, amid ongoing selling pressures that led to a sharp decline in its technical performance. Currently, the stock is showing an initial attempt to recover with increased trading volumes, but it remains within a major downtrend channel. To achieve a strong rebound, it needs to break above 6.37 riyals and sustain above that level; falling below 6.06 riyals could restore pressures and push the trend back into a decline. The continued decline since January 2024, when the stock hit a high of 10.40 riyals, reflects market pressure on the stock, while investors are watching for signs of technical support to emerge.
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