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Anabeeb hits key support amid selling
The Arab Pipes Company's stock is experiencing strong selling pressures that have broken through key support levels, entering a sharp downward trend. Technical momentum remains weak, and support levels have declined to between 4.68 and 4.74 Riyals, with the possibility of testing the 4.54 Riyal level if the pressures persist. Technical analysis indicates that the stock has lost its momentum after a corrective rally from its peak at 23.60 Riyals. Currently, it shows no ability to return to its previous high levels, reflecting a decline in risk appetite and confidence in the financial market.
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