Key point: 118.00
Our preferred direction: short positions below the level of 118.00 riyals, targeting 114.00, followed by 108.00 riyals.
Alternative scenario: stop loss and change direction by breaching the level of SR124.00, targeting levels of SR132.00.
Comment
The stock is testing the important support level of 118.00 riyals, and we expect the stock to break it to the downside in light of the weakness in the stock. Therefore, we recommend opening short deals in case of a decline below this level to target the next support level of 114.00 riyals, followed by 108.00 riyals. In the event of a rise above the level of 124.00 riyals, the rise will be canceled and the first target for the stock becomes 132.00
