Current price: 24.46
Key point: 23.40
Our preferred direction: buying positions at the highest level of 23.40 riyals, targeting levels of 26.00 riyals, followed by 26.90 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 22.80 riyals, targeting the levels of 20.65 riyals.
comment
The stock is breaching the descending price channel that started since January 2022, around the level of 23.40 riyals, and therefore we recommend opening buying deals to target the next resistance level of 26.00 riyals, followed by 26.90 riyals. In the event of a decline below the level of 22.80 riyals, the previous analysis is canceled and the first support in this case becomes 20.65 riyals.
