Current price: 34.85
Key point: 31.95
Our preferred direction: Buy positions at the highest levels of 31.95, targeting 37.25 as the first target, then 40.15 as the second target.
Alternative scenario: stop loss and change the trend by breaking the 31.95 level, targeting 31.00 levels
Technical commentary
The Saudi Pipeline stock with code number 1320 is moving in an upward direction on the daily frame from the bottom of the current year in a strong upward trend until the price fell from the resistance levels of 43.00 in a corrective movement until it reached the support levels of 31.25-31.95 and breached the descending price channel, which is considered a continuation flag model for the upward trend.
It is expected to complete the rise to levels 37.25-40.15
