Key point: 44.00
Our preferred direction: long positions at the highest level of 44.00 riyals, targeting levels of 46.00, followed by 48.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of SAR 43.00, targeting SAR 41.00 levels.
Comment
The stock has breached the important resistance level of SAR 44.00, and therefore we recommend opening long positions to target the next resistance level of SAR 46.00, followed by SAR 48.00. In the event of a decline below the level of 43.00 riyals, a stop loss is required, and the first support in this case becomes 41.00 riyals.
