Current price: 21.30
Key point: 20.00
Our preferred direction: buying positions above the level of 20.00 riyals, targeting the levels of 22.00 riyals, followed by 24.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 19.50 riyals, targeting levels of 18.00 riyals.
comment
The stock is breaching the descending trend line that started in January 2022 around the main resistance level of SAR 20.00, therefore we recommend opening long positions to target the next resistance level of SAR 22.00, followed by SAR 24.00. In the event of a decline below the level of 19.50 riyals, the previous analysis is canceled and the first support in this case becomes 18.00 riyals.
