Key point: 210.00
Our preferred direction: long positions at the highest level of 2010.00 riyals, targeting levels of 225.00 riyals, followed by 235.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 205.00 riyals with targeting levels of 190.00 riyals.
Comment
The stock breaches the descending price channel that started since May 2022, and it breaches the important resistance level of 210.00 riyals. Therefore, we recommend opening buying deals to target the next resistance level of 225.00 riyals as a first target, followed by the level of 235.00 riyals. In the event of a decline below the important support level of 205.00 riyals, the previous analysis will be canceled and the first bearish target for the stock becomes the next support level of 190.00 riyals.
