Current price: 50.40
Key point: 48.00
Our preferred direction: buying positions above the level of 48.00 riyals, targeting levels of 54.00 riyals, followed by 58.00 riyals.
Alternative scenario: stop loss and change direction by breaking 47.90 riyals, targeting 44.00 riyals.
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The stock moves above the rising trend line that started in December 2021, and rebounds from the hacked support level 48.00 riyals, and therefore we recommend opening buy deals to target the next resistance level 54.00 riyals, followed by 58.00 riyals. This scenario is supported by the RSI, but in the case of a decline below 47.90 riyals, the previous analysis is canceled and the first support in this case becomes 44.00 riyals.
