Current price: 46.00
Key point: 43.98
Our preferred direction: buying positions at the highest level of 43.98 riyals, targeting the levels of 51.50 riyals, followed by 58.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 42.50 riyals, targeting the levels of 37.60 riyals.
comment
The stock rebounded from the important support level of SAR 43.98, and therefore we recommend opening long positions to target the next resistance level of SAR 51.50, followed by SAR 58.00. This scenario supports the buying signal on both the Ichimoku and RSI indicators. In the event that it falls below the important support level of 42.50 riyals, the previous analysis will be canceled and the first support in this case will be 37.60 riyals.
