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Silik shares face steady decline
Union Cement Industries "Areesk" stock faced ongoing selling pressure, as it failed to stabilize above the resistance level at 18.56 SAR and the 200-day moving average. This has led to a test of previous gap areas between 16.82 and 16.29 SAR, which are now viewed as key support levels. Technical analyses indicate that continued trading below these zones could open the door for further decline toward historic support levels between 15.21 and 15.10 SAR, reflecting the overall bearish trend that has been underway since last year. To improve the technical picture, the stock needs to regain levels above 19.50 SAR to support positive momentum and halt the price decline.
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