Current price: 51.30
Key point: 48.90
Our preferred direction: buying positions at the highest level of 48.90 riyals, targeting the levels of 54.00 riyals, followed by 58.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 47.50 riyals, targeting the levels of 44.95 riyals.
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The stock is breaching the descending trend line that started in March 2022 around the main resistance level of 48.90 riyals, therefore we recommend opening long positions to target the next resistance level of 54.00 riyals, followed by 58.00 riyals. In the event of a decline below the level of 47.50 riyals, the previous analysis is canceled and the first support in this case becomes 44.95 riyals.
