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Metallic shares test key support amid downtrend
The stock of the National Manufacturing and Metal Casting Company ("Madenia") has experienced a noticeable decline. Technical analysis confirms the continuation of the primary downward trend for the stock, having broken the support level at 9.50 SAR. It is expected to continue declining towards new support zones between 9.19 and 8.75 SAR if selling pressure persists. The technical outlook remains negative as long as the stock remains below the current resistance levels of 9.67 SAR. This movement is part of an extended bearish pattern that has been ongoing since 2022, reflecting continuous selling pressure on the stock.
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