Current price: 37.65
Key point: 38.15
Our preferred direction: Buy positions at the highest levels of 38.15, targeting 39.70 as the first target, then 41 as the second target.
Alternative scenario: Stop the loss and change the trend by breaking the 38.15 level, targeting 35.5 levels
Technical commentary
Bank Albilad stock with code number 1140 is moving in a downward direction on the daily frame from the peak of last July until it reached the support area 35.20-36.10.
Which also corresponds to the harmonic alt bat pattern with a 113% Fibonacci retracement of the xa leg.
Indeed, the price rose, targeting the 38.15-38.45 levels, then fell from there to retest the support levels again.
It is expected that the stock will rise again, targeting the same levels of 38.15-38.45, then levels of 39.70-40.10.
