Key point: 79.00
Our preferred direction: long positions at the highest level of 79.00 riyals, targeting levels of 82.00, followed by 84.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 76.00 riyals, targeting levels of 74.00 riyals.
Comment
The stock is moving above the 20-day and 50-day averages, and is testing the 20-day average around the level of 79.00 riyals, therefore we recommend opening long positions to target the next resistance level of 82.00 riyals, followed by 84.00 riyals. In the event of a decrease below the level of 76.00 riyals, a stop loss is required, and the first target of the stock becomes 74.00 riyals.
