Key point: 40.70
Our preferred direction: long positions at the highest level of 40.70 riyals, targeting the levels of 44.00, followed by 46.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 40.00 riyals, targeting the levels of 38.00 riyals.
Comment
The stock rebounded from the 20-day moving average around the important support level of QR40.70. Therefore, we recommend opening long positions to target the next resistance level of SAR 44.00, which in case it is breached, the stock will continue to rise to target the next resistance level of SAR 46.00. In the event of a decline below the level of 40.00, a stop loss is required, and the first bearish target for the stock becomes 38.00 riyals.
