Key point: 35.00
Our preferred direction: long positions at the highest level of 35.00 riyals, targeting levels of 40.00 riyals, followed by 42.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 32.80 riyals, targeting levels of 30.00 riyals.
Comment
The stock is moving within the bullish price channel that started in April 2020, and is bouncing back from the rising trend line and the important support level of 35.00 riyals. Therefore, we recommend opening long deals to target the next resistance level of 40.00 riyals, followed by 42.00 riyals. In the event of a decline below the level of 32.00 riyals, the previous analysis is canceled and the first support in this case becomes 30.00 riyals.
