Current price: 42.35
Key point: 41.00
Our preferred direction: long positions at the highest level of 41.00 riyals, targeting 45.00 riyals, followed by 47.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 40.00 riyals, targeting the levels of 37.00 riyals.
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The stock is moving in the descending price channel that started since September 2021, and is rebounding from the lower boundary of this channel, in addition to the stock’s breach of the important resistance level of 41.00 riyals. Therefore, we recommend opening long positions to target the next resistance level of 45.00 riyals, followed by 47.00 riyals. In the event of a decline below the level of 40.00 riyals, the previous analysis is canceled and the first support in this case becomes 37.00 riyals.
