Key point: 34.00
Our preferred direction: buying positions at the highest level of 34.00 riyals, with targeting levels of 36.50, followed by 40.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 33.00 riyals, targeting the levels of 31.25 riyals.
Comment
NADEC stock, with code number 6010, is moving below a bearish trend line that started in April 2021, and was able to breach it around the level of 31.70, therefore we recommend opening long positions to target the next resistance level of 36.50 riyals, followed by 40.00 riyals. In the event of a decline below the level of 33.00 riyals. It requires a stop loss and the first target for the stock in this case becomes 31.25 riyals.
