Current price: 36.10
Key point: 34.35
Our preferred direction: buying positions above the level of 34.35 riyals, targeting the levels of 40.00 riyals, followed by 44.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 33.55 riyals, targeting 32.00 riyals.
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The stock bounces from the main support level of SAR 34.35, therefore we recommend opening long positions to target the next resistance level of 40.00 SAR, followed by 44.00 SAR. This scenario supports the installation of Elliott waves in addition to the buy signal on the RSI. In the case of a decrease below 33.55 riyals, the previous analysis is canceled and the first support in this case becomes the level of 32.00 riyals.
