Key point: 41.00
Our preferred direction: short positions below the level of 41.00 riyals, targeting 40.00, followed by 37.00 riyals.
Alternative scenario: stop loss and change direction by breaching the level of 42.50 riyals, targeting 45.00 riyals.
Comment
The stock is testing the main support level around SAR 41.00. Breaking this level to the downside is a negative sign, and therefore we recommend opening short positions to target levels of SAR 40.00, followed by SAR 37.00. In the event of a rise above the level of 42.50 riyals, the previous scenario will be canceled and the stock's first target becomes 45.00 riyals.
