Key point: 52.00
Our preferred direction: long positions at the highest level of 52.00 riyals, targeting levels of 56.00, followed by 60.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 50.00 riyals with targeting levels of 46.00 riyals.
Comment
The stock breaches the June 2021 peak around the 52.00 riyal level, recording a new high, and therefore we recommend opening long deals to target the next resistance level of 56.00 riyals, followed by 60.00 riyals. In the event of a decline below the level of 50.00 riyals, the previous analysis is canceled and the first support in this case becomes 46.00 riyals.
