Current price: 31.10
Key point: 30.00
Our preferred direction: buying positions above the level of 30.00 riyals, targeting levels of 34.00 riyals, followed by 36.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of SAR29.75, targeting levels of SAR28.00.
Comment
The stock is moving above the ascending trend line that started since November 2021, and rebounding from the important support level of 30.00 riyals, and therefore we recommend opening long positions to target the next resistance level of 34.00 riyals, followed by 36.00 riyals. In the event of a decline below the important support level of 29.75 riyals, the previous analysis is canceled and the first support in this case becomes 28.00 riyals.
