Current price: 21.54
Key point: 22.27
Our preferred direction: buying positions at the highest level of 22.27 riyals, targeting levels of 23.00 riyals, followed by 24.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 20.97 riyals, targeting the levels of 19.38 riyals.
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The stock is breaching the descending trend line that started in February 2022, and is testing the important resistance level of 22.27 riyals, which by breaching it targets the next resistance level of 23.00 riyals, followed by 24.00 riyals. In the event of a decline below the level of 20.97, the previous analysis is canceled and the first support level in this case becomes 19.38 riyals.
