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Mahara shares face continued selloff
Magara Human Resources Company’s stock is experiencing a significant decline due to ongoing selling pressure. It has lost a key support level at 3.94 riyals and fallen to 3.64 riyals, approaching a critical support at 3.57 riyals based on Fibonacci levels. Technical indicators, such as the ADX, suggest persistent strength in the downward momentum, with trading volumes decreasing since the beginning of the year and a repeated pattern of decline forming. If the stock stabilizes above the 3.57 riyal support level and trading volume increases, it may face a temporary rebound to areas between 3.70 and 3.80 riyals. Otherwise, a break below this level could increase the chances of further decline toward lower levels, potentially reaching 3.40 riyals.
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