Current price: 81.90
Key point: 80.00
Our preferred direction: buy positions above 80.00, targeting 83.6 as the first target, then 85.2 as the second target.
Alternative scenario: stop loss and change the trend by breaking the 90.00 level, targeting 77.00 levels
Technical commentary
SABIC stock, code number 2010, has been moving in a downward direction on the weekly time frame from the beginning of last year until now.
Until the price reached and rose from a pivotal support level of 76.00 with the formation of the harmonic ALT BAT pattern with a 113% Fibonacci retracement of the XA leg.
It is expected that the stock will rise after forming a higher peak, reaching the resistance levels of 83.5 and 85.2
