Current price: 13.28
Key point: 12.50
Our preferred direction: long positions at the highest level of 12.50 riyals, targeting the levels of 15.00 riyals, followed by 17.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 12.25 riyals, targeting the levels of 10.35 riyals.
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The stock is moving above the ascending trend line that started since November 2021, and rebounding from the important support level of 12.50 riyals, and therefore we recommend opening long positions to target the next resistance level of 15.00 riyals, followed by 17.00 riyals. In the event of a decline below the important support level of 12.25 riyals, the previous analysis is canceled and the first support in this case becomes 10.35 riyals.
