Key point: 39.50
Our preferred direction: long positions at the highest level of 39.50 riyals, targeting 42.00 riyals, followed by 46.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of SAR 38.00, targeting SAR 36.00 levels.
Comment
The stock breached the important resistance level of SAR 39.50. The breach of this level is considered a positive sign, and therefore we recommend opening long positions above this level to target the next resistance level of 42.00 riyals, followed by 46.00 riyals. In the event of a decline below the important support level of 38.00 riyals, the previous analysis is canceled and the first target in this case becomes 36.00 riyals.
