Current price: 48.25
Key point: 47.50
Our preferred direction: buying positions at the highest level of 47.50 riyals, targeting the levels of 52.00 riyals, followed by 57.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 45.00 riyals, targeting 42.00 riyals.
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The stock is breaching the descending trend line around the main resistance level of SAR 47.50, therefore we recommend opening long positions to target the next resistance level of SAR 52.00, followed by SAR 57.00. Positive signs on both the RSI and Ichimoku indicators support this scenario. In the event of a decline below the important support level of 45.00 riyals, the previous analysis is canceled and the first support in this case becomes 42.00 riyals.
