Key point: 113.00
Our preferred direction: long positions at the highest level of 113.00 riyals, targeting levels of 118.00, followed by 122.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of SAR 111.90 with targeting levels of SAR 108.00.
Comment
The stock rebounded from the important support level of SAR 113.00, and is likely to continue rising to target the next resistance level of SAR 118.00, followed by SAR 122.00. In the event of a decline below the level of 111.90 riyals, a stop loss is required, and the first target in this case becomes 108.00 riyals.
