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Manufacturing share tests support levels
The National Manufacturing Company’s stock is currently testing key support levels after experiencing a wave of selling pressure over the past few months. The stock started the current year with a sideways movement, then gradually declined following the formation of lower highs and lower lows. However, recent signs of recovery have emerged as it broke through an important support level at 9.40 riyals and approached a key resistance at 9.73 riyals. The success of the stock in continuing its upward move depends on a clear breakthrough of this level, accompanied by increased trading volumes, which could push the price towards targets between 9.95 and 10.18 riyals. Conversely, any decline below 9.37 riyals may reignite selling pressure and limit short-term upward prospects.
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