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Thieb's share price reaches historic low amid ongoing selling pressures

Thieb's share price reaches historic low amid ongoing selling pressures

The stock of Deyab Car Rental experienced sharp declines in recent trading sessions, reaching its lowest historical level at 22.72 riyals. This drop came after breaking through some key technical support levels that previously protected its upward trend. This decline is attributed to the continuation of the bearish trend that has been gaining strength since the beginning of the year, characterized by weak buying momentum and dominant selling pressures. The stock lost its ability to hold support at 29.95 riyals and fell below the previous low of 24.60 riyals. Technical indicators point to a continuing negative momentum, with deteriorating technical performance and expectations of further declines if the stock fails to stay above the 23.60 riyals level. In the near and medium term, the decline could extend to levels around 22.20 riyals. Restoring a positive outlook requires the stock to resist again above 24.60 riyals and then 26.05 riyals; remaining above these levels is essential to initiate a potential recovery phase and attract renewed liquidity.

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