Key point: 37.00
Our preferred direction: long positions at the highest level of 37.00 riyals, targeting levels of 39.00 riyals, followed by 41.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of SAR36.50, targeting SAR34.00.
Comment
The stock is rebounding from the lower boundary of the descending price channel that started in February 2022 around the important support level of SAR 37.00. Therefore, we recommend opening long deals to target the next resistance level of SAR 39.00, followed by SAR 41.00. In the event of a decline below the important support level of 36.50 riyals, the previous analysis is canceled and the first targets of the stock become 34.00 riyals.
