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Tadawul Manufacturing Faces Selling Pressures
National Manufacturing Company is facing ongoing selling pressures that have led to a decline in its stock price. The stock has stabilized below the resistance level of 8.89 riyals and has fallen to 8.76 riyals. Further decline is expected if the stock breaks below the 8.70 riyal level, making it likely to reach support zones between 8.56 and 8.40 riyals, after experiencing temporary rebounds from previous higher levels. Technical analyses indicate that maintaining the stock above 8.70 riyals is crucial for regaining upward momentum, while breaking this level could lead to an extension of the downward wave. Selling pressures began in April, but the stock attempted to recover by testing higher resistance levels. However, weak buying strength prevented sustained gains, reinforcing a negative outlook in the medium term.
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