Miyahna Shares Reach New Low

Naimaa Company's stock recorded its lowest historical level since listing, breaking major support levels under continuous selling pressure, and falling to around 11 riyals after failed rebound attempts. The corrective performance reflects a prolonged decline since the beginning of 2024, with ongoing pressure following the breakdown of previous levels at 13.85 riyals in March. The stock remains in a downward channel with no clear signals of a bullish technical reversal. To regain an upward trend in the short term, the stock needs to break resistance at 11.86 riyals, along with improved trading volumes; otherwise, the outlook remains negative, with potential declines to levels around 10.50 riyals amid continued dominant selling pressure on the stock.

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