Current price: 32.10
Key point: 30.00
Our preferred direction: buying positions above the level of 30.00 riyals, targeting the levels of 36.00 riyals, followed by 38.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 28.00 riyals, targeting 26.00 riyals.
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The stock is breaching the descending trend line that started in January 2022 around the main resistance level of 30.00 riyals, and therefore we recommend opening long positions to target the next resistance level of 36.00 riyals, followed by 38.00 riyals. In the event of a decline below the level of 28.00 riyals, the previous analysis is canceled and the first support in this case becomes 26.00 riyals.
