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Sabic shares near key support
The article focused on the declining technical performance of Saudi Aramco's stock, which continues to face selling pressures pushing it downward in a bearish trend. Technical analysis indicates that the downward momentum remains dominant in both the short and long term. The stock has broken below a significant support level of 47.98 riyals, while support levels between 46.44 and 46.02 riyals are critical to halt the decline. If the stock continues to fluctuate below these levels, it may extend its drop toward 45.30 riyals. To reverse the trend and achieve a rebound, the stock needs to surpass and stabilize above the 48.52 riyals level, following unsuccessful attempts to recover from current support levels. Historically, the stock started 2026 under selling pressure, despite attempts to consolidate above the previous support level, but it ultimately resumed its decline. This reflects ongoing selling pressure and the dominance of the bearish trend that has persisted for years.
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