Key point: 41.00
Our preferred direction: long positions at the highest level of 41.00 riyals, targeting levels of 43.00, followed by 44.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 40.88 riyals, targeting 39.00 riyals.
Comment
Yanbu Cement stock is rebounding from the 20-day moving average around the important support level of SAR 41.00. Therefore, we recommend opening long positions to target the next resistance level of 43.00 riyals, followed by 44.00 riyals. In the event of a decline below the level of 40.88 riyals, a stop loss is required, and the first target for the stock in this case becomes 39.00 riyals.
