Key point: 81.00
Our preferred direction: long positions at the highest level of 81.00 riyals, targeting levels of 85.00, followed by 87.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 79.00 riyals while targeting 77.00 riyals.
Comment
The stock is still moving above the ascending trend line that started since December 2021, and rebounding from the important support level of 79.00 riyals, and therefore we recommend opening long positions to target the next resistance level 85.00, followed by 87.00 riyals. In the event of a decline below the level of 79.00 riyals, a stop loss is required, and the first support in this case becomes 77.00 riyals.
