Key point: 33.00
Our preferred direction: buying positions at the highest level of 33.00 riyals, targeting 35.00 levels, followed by 37.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 32.80 riyals, targeting the levels of 31.00 riyals.
Comment
The stock is breaching the descending trend line that started since January 2022 around the important resistance level of SAR 33.00. Therefore, we recommend opening long positions to target the next resistance level of SAR 35.00, followed by SAR 37.00. In the event of a decline below the level of 32.80 riyals, the previous analysis is canceled and the first support in this case becomes 31.00 riyals.
