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Metal's market tests key support levels
The share of the National Company for Manufacturing and Metal Casting "Maadaniyah" is facing critical technical levels amid attempts to form a price reversal. It is currently trading near the neckline of a technical reversal pattern (double bottom) after reaching a price of 10.92 Riyals. Technical data indicates the continuation of the overall downward trend, with selling pressures dominating and the stock trading below moving averages, which supports the possibility of further decline if support at 10.69 Riyals is broken. However, the presence of the double bottom pattern suggests the potential for a reversal and a correction in the trend, especially if the price stabilizes above the 11.01 Riyal level. Such a move could push the stock into an upward wave targeting levels between 11.26 and 11.54 Riyals, eventually reaching 11.90 Riyals. Conversely, breaking below support might reinforce a decline to lower levels. The stock has been moving within a downward channel that has persisted since 2022, with performance deteriorating during 2024. Currently, attention is focused on a key support level at 11.70 Riyals to avoid further deterioration of the technical phase.
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