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Chemicals stock declines amid pressure
The Saudi Chemical Company Holding stock experienced a decline during recent trading sessions after breaking below the support level of 8.00 riyals, which reinforced the short-term bearish trend. Technical indicators show that the stock is trading below resistance zones, with a continued formation of lower highs and lower lows patterns, indicating weakening buying strength and dominance of selling pressures. It is expected that the declines will continue toward support levels between 7.76 and 7.46 riyals, with a potential to reach 7.32 riyals if selling pressures persist. The stock would need to recover above 8.25 riyals to regain upward momentum and shift the trend to bullish.
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