Current price: 36.95
Key point: 35.00
Our preferred direction: long positions at the highest level of 35.00 riyals, targeting 40.00 riyals, followed by 45.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 33.65 riyals, targeting the levels of 30.00 riyals.
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According to Elliott waves, in addition to the classic analysis of the stock and the buy signal on the RSI, the stock is heading to test the important resistance levels, and therefore we recommend opening long positions above the level of 35.00 riyals to target the next resistance level of 40.00 riyals, followed by 45.00 riyals. In the event of a decline below the important support level of 33.65 riyals, the previous analysis is canceled and the first support in this case becomes 30.00 riyals.
