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EGEC shares face technical pressure amid sales
Emaar Economic City’s stock is attempting a technical recovery after sharp declines that pushed it to its lowest levels in six months, as it awaits a break through key resistance levels. It is currently trading around 9.20 riyals, with expectations that a successful breakout above this resistance could push the stock toward 9.50 and 9.70 riyals as initial targets, potentially reaching 10.20 riyals if buying momentum continues. If the stock fails to hold above the 9-ryal level, it may decline further, strengthening selling pressure and deepening the downward move. The current technical situation indicates an effort by the stock to reverse its downtrend after losing a significant portion of its value due to ongoing selling pressures. Despite some partial rebound attempts, the prevailing downward trend remains intact.
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