Key point: 31.45
Our preferred direction: buying positions at the highest level of 31.45 riyals, with targeting levels of 35.00, followed by 38.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of SAR 31.00, targeting SAR 29.00 levels.
Comment
The stock is retesting the 50-day moving average around the level of SAR31.45. Therefore, we recommend opening long positions to target the next resistance level of 35.00 riyals, followed by 38.00 riyals. In the event of a decline below the level of SAR 31.00, a stop loss is required, and the first support in this case becomes SAR 29.00.
