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Naqi stock tests key levels as volume rises
Naki Water Company's stock experienced a noticeable rise after successfully surpassing the resistance level at 58.35 SAR, supported by increased trading volumes and the formation of bullish price positions. This suggests a higher likelihood of continued upward movement if it maintains the 61.15 SAR level and boosts buying momentum. There are expectations of a major resistance at 68.65 SAR, which could indicate a potential turning point from a downtrend to sustainable an uptrend. Although the stock began to move upward after being supported at 49.18 SAR, it still remains within a broader downward trend. A breakthrough above the 68.65 SAR resistance is necessary to confirm a trend reversal. Conversely, breaking below the support level at 59.05 SAR could signal a subsequent price decline, so monitoring trading activity is crucial to anticipate possible profit-taking.
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