Current price: 165.00
Key point: 158.51
Our preferred direction: long positions at the highest level of 158.51 riyals, targeting levels of 176.50 riyals, followed by 187.47 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 153.71 riyals, targeting the levels of 140.00 riyals.
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The stock is breaching the descending price channel that started since March 2022, around the important resistance level of SAR 158.51. Therefore, we recommend opening long positions to target the next resistance level of 176.50 riyals, followed by 187.47 riyals. In the event of a decline below the important support level of 153.71 riyals, the previous analysis is canceled and the first support in this case becomes 140.00 riyals.
