Key point: 28.30
Our preferred direction: long positions at the highest level of 28.30 riyals, targeting levels of 30.00, followed by 32.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 28.25 riyals, targeting levels of 27.10 riyals.
Comment
Wires stock is rebounding from the 20-day moving average around the important support level of 28.30 riyals. Therefore, we recommend opening long positions to target the next resistance level of 30.00 riyals, followed by 32.00 riyals. In the event of a decline below the level of 28.25 riyals, a stop loss is required, and the first target for the stock in this case becomes 27.10 riyals.
