Key point: 30.95
Our preferred direction: long positions at the highest level of 30.95 riyals, targeting levels of 33.70 riyals, followed by 37.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 30.30 riyals, targeting levels of 28.15 riyals.
Comment
The stock moves within the boundaries of the descending price channel that started since September 2021, and bounces from the lower boundary of the price channel. The stock also managed to breach the important resistance level of 30.95 riyals, and therefore we recommend opening buying deals to target the next resistance level of 33.70 riyals, followed by 37.00 riyals. In the event of a decline below the important support level of 30.30 riyals, the previous analysis is canceled and the first support in this case becomes 28.15 riyals.
