Current price: 128.80
Key point: 120.00
Our preferred direction: buying positions above the level of 120.00 riyals, targeting the levels of 134.00 riyals, followed by 140.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 119.00 riyals, targeting the levels of 100.00 riyals.
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The stock is moving above the ascending trend line that started since October 2016, and was able to breach the important resistance level of 120.00 riyals. Therefore, we recommend opening long positions to target the next resistance level of 134.00 riyals, followed by 140.00 riyals. In the event of a decline below the level of 119.00 riyals, the previous analysis is canceled and the first support in this case becomes 100.00 riyals.
