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Production shares approach key resistance
The share of the Arab Agricultural and Industrial Investment Company (Ennak) declined to its lowest historical level at 19.96 riyals in September, compared to 32.20 riyals at the beginning of the year, amid ongoing selling pressures. The stock experienced a noticeable increase in trading volumes as it rebounded from its lows, and it is currently testing a major resistance zone between 22.60 and 23.00 riyals. Technical forecasts indicate that the stock needs to recover the 24.50 riyal level to enhance its chances of shifting towards a buying trend, with the 30.00 riyal mark acting as a key resistance for the downward movement.
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