Current price: 78.8
Key point: 81.00
Our preferred direction: Buy positions above 81.00 levels with 83.6 as a first target and then 85.2 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 81.00 level, targeting the 75.00 levels.
Technical commentary
SABIC stock is still moving sideways after rebounding from the support levels 75.4-76.6 and from the harmonic bat pattern with 88% Fibonacci correction, and is waiting for a breach of the 80.8 levels to confirm the stock’s rise to the 82.0 levels.
