Al-Ahli stock falls below key support

The Saudi National Bank’s stock has declined significantly, facing strong selling pressures that led to a break below important technical support levels, with the downtrend continuing since last September. The stock has been volatile since the beginning of the year, rising from 35.16 riyals to reach a peak at 43.70 riyals, then beginning a sharp correction and losing some of its gains. Expectations are for further decline toward levels between 34.48 and 32.58 riyals if the pressures persist. Technical indicators, such as the ADX, suggest that the bearish momentum is currently strong, with nearby resistance at 36.80 riyals. The short-term trend remains predominantly downward.

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