Wafra share nears annual low

The stock of Wafa for Industry and Development has come under increasing selling pressure, breaking below the lower band of the Bollinger Bands indicator and approaching the lowest level recorded during the year, around 17.22 riyals in March. Technical analysis indicates that the stock is currently around 17.80 riyals, with key support at 17.22 riyals. If this level is broken, it may head towards 16.75 riyals and 16.35 riyals, down to 15.50 riyals. The rise in trading volume accompanying the decline reinforces the importance of monitoring support and resistance levels, especially since the stock experienced a correction after rising to 25.64 riyals in July, with a failed attempt at a rebound in September. The current trend depends on its ability to hold above the March support level.

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