Key point: 10.50
Our preferred direction: long positions at the highest level of 10.50 riyals, targeting levels of 12.00 riyals, followed by 12.50 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 10.40 riyals with targeting levels of 9.50 riyals.
Comment
The stock is moving above the ascending trend line that started since November 2021, and rebounding from the important support level of 10.50 riyals. Therefore, we recommend opening long positions to target the next resistance levels of 12.00 riyals, followed by 12.50 riyals. In the event of a decline below the level of 10.40 riyals, the previous analysis will be canceled and the first bearish target will be at the level of 9.50 riyals.
