Current price: 83.6
Key point: 80
Our preferred direction: buy positions above the 80 levels, targeting 85.2 as the first target, then 87 as the second target.
Alternative scenario: stop loss and change the trend by breaking the 80 level, targeting 77 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 reached the first target at 83.6 levels, so it is expected that the stock will continue to rise until it reaches the resistance levels of 85.2.
