Key point: 22.00
Our preferred direction: long positions at the highest level of 22.00 riyals, targeting levels of 24.00 riyals, followed by 26.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 21.60 riyals, targeting levels of 21.00 riyals.
Comment
The stock is testing the ascending trend line that started since December 2021, and is rebounding from the important support level of 22.00 riyals, and therefore we recommend opening long deals to target the next resistance level of 24.00 riyals, followed by 26.00 riyals. In the event of a decline below the important support level of 21.60 riyals, the previous analysis will be canceled and the first targets of the stock will be correct in this case, 21.00 riyals.
