Key point: 21.37
Our preferred direction: long positions at the highest level of 21.37 riyals, targeting levels of 23.00, followed by 24.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 21.00 riyals, targeting the levels of 20.00 riyals.
Comment
The stock is breaching the descending trend line that started in June 2021, therefore we recommend opening long positions to target the next resistance level of 23.00 riyals, followed by 24.00 riyals. In the event of a decrease below the level of 21.00 riyals, a stop loss is required, and the first target of the stock becomes 20.00 riyals.
