Current price: 86.00
Key point: 82.00
Our preferred direction: long positions at the highest level of 82.00 riyals, targeting the levels of 90.00 riyals, followed by 95.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 81.00 riyals, targeting the levels of 75.00 riyals.
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The stock rebounded from the lower limit of the descending price channel that started in July 2021, around the main support level of SAR 71.70 and the stock formed a higher bottom than the previous bottom at the level of SAR 73.00, and the stock was recently able to breach the important resistance level of SAR 82.00, therefore we recommend opening buying deals to target the level of The next resistance is 90.00 riyals, followed by 95.00 riyals. In the event of a decline below the level of 81.00 riyals, the previous analysis is canceled and the first support in this case becomes 75.00 riyals.
