Key point: 34.50
Our preferred direction: short positions below the level of 34.50 riyals, targeting 33.00 riyals, followed by 32.00 riyals.
Alternative scenario: stop loss and change direction by breaching the level of 35.40 riyals, targeting levels of 37.00 riyals.
Comment
The stock broke the main support level 34.50 in addition to the signal that the negative moving averages intersect, so we recommend opening short positions to target the next support level of 33.00 riyals, followed by 32.00 riyals. In the event of a rise above 35.40, the previous vision will be canceled and the stock's first target in this case will be 37.00.
