Key point: 1.62
Our preferred direction: long positions at the highest level of 1.62 riyals, targeting levels of 1.74, followed by 1.82 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 1.58 riyals, targeting levels of 1.50 riyals.
Comment
The stock is still trading above the rising trend line that started since January 2022, and rebounding around the important support level of SAR 1.62. Therefore, the stock is expected to target the next resistance level of SAR 1.74, followed by SAR 1.82. In the event of a decline below the level of 1.58 riyals, the previous analysis is canceled and the next support level becomes 1.50 riyals.
