Current price: 260.00
Key point: 250.00
Our preferred direction: buying positions above the level of 250.00 riyals, targeting the levels of 270.00 riyals, followed by 280.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 240.00 riyals, targeting the levels of 220.00 riyals.
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The stock is breaching the main resistance level of 250.00 riyals, therefore we recommend opening long positions to target the next resistance level of 270.00 riyals, followed by 280.00 riyals. Positive signs on both the RSI and Ichimoku indicators support this scenario. In the event of a decline below the important support level of 240.00 riyals, the previous analysis is canceled and the first support in this case becomes 220.00 riyals.
