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Mutatawwira share drops below support
The stock of Saudi Industrial Development Company (Matawwar) has experienced significant declines recently after breaking through important technical support levels, which increased selling pressure and pushed the stock into a downward trend aimed at reaching lower price levels. The failure of the stock to maintain trading above the support level at 14.20 SAR contributed to further selling, with expectations of continued decline toward the next support between 12.51 and 12.0 SAR, targeting the level of 12.73 SAR. Technical analyses indicate that the overall trend of the stock is tilted negative, especially after losing the buying momentum and experiencing a temporary rebound at the beginning of the year, before resuming a sharp decline at the end of the first quarter. The control over the downward movement remains dominant in the short term.
Notice: This Is an AI-Generated Summary
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