Key point: 130.00
Our preferred direction: buying positions above the level of 130.00 riyals, targeting levels of 147.00 riyals, followed by 157.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 122.00 riyals, targeting levels of 105.00 riyals.
Comment
The stock is moving above the ascending trend line that started since December 2021, and rebounding from the main support level of 130.00 riyals, and therefore we recommend opening buying qualities to target the next resistance level of 147.00 riyals, followed by 157.00 riyals. In the event of a decline below the important support level of 122.00 riyals, the previous analysis is canceled and the first support in this case becomes 105.00 riyals.
