Key point: 23.00
Our preferred direction: long positions at the highest level of 23.00 riyals, targeting levels of 24.50, followed by 26.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 22.50 riyals, targeting the levels of 21.50 riyals.
Comment
The stock is moving above the ascending trend line that started since November 2021, and is breaching the important resistance level of 23.00 riyals. Therefore, we recommend opening long positions to target the next resistance level of 24.50 riyals, followed by 26.00 riyals. In the event of a decline below the level of 22.50 riyals, a stop loss is required, and the first target for the stock becomes 21.50 riyals.
