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Electrical Industries stock tests historic support
One of the Saudi companies, Electrical Industries Company, has experienced a sharp decline in its price performance in recent periods. The stock lost the upward momentum it had since the beginning of the year, with selling pressures emerging after breaking a key support level at 13.47 SAR. This led the stock to surpass its initial targets at 12.26 SAR and move into a support zone between 11.75 and 11.90 SAR, where there are indications of a weak attempt to stabilize, but without enough buying momentum. In the long term, the stock had achieved a historical high at 19.46 SAR in April. However, it shifted to a downward trend after breaking a major support level at 14.42 SAR, with expectations of further decline if pressures persist. Conversely, a breach below 12.23 SAR could limit the decline and lead to a retest of resistance at 12.85 SAR.
Notice: This Is an AI-Generated Summary
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