Key point: 107.00
Our preferred direction: short positions below the level of 107.00 riyals, targeting levels of 95.00 riyals, followed by 90.00 riyals.
Alternative scenario: stop loss and change direction by breaching the level of 110.00 riyals, targeting levels of 115.00 riyals.
Comment
The stock has broken the main support level of SAR 107.00, therefore we recommend opening short deals to target the next support level of SAR 95.00, followed by the level of SAR 90.00. In the event that it rises above the important resistance level of 110.00 riyals, it cancels the previous analysis and becomes the first bullish target for the stock at 115.00 riyals.
