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Al Othaim Markets Stock Recovers After Double Bottom
The stock of Abdullah Al Othaim Markets has experienced a technical rise after testing the year's lows twice consecutively, managing to rebound from a strong support level at 4 riyals, which is the lowest point the stock has reached this year, supported by stability above the nine-day moving average. Although the stock has declined since the beginning of 2024 from a high of 6.79 riyals to a low of 4 riyals, analysts are monitoring target prices up to 4.50 riyals, provided it surpasses the resistance at 4.20 riyals. They warn of the risk of the stock failing to maintain its gains, as breaking below the 3.90 riyals level could lead to further declines.
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