Key point: 39.00
Our preferred direction: short positions below the level of 39.00 riyals, targeting the levels of 37.00, followed by 36.00 riyals.
Alternative scenario: stop loss and change direction by breaching the level of 40.50 riyals, targeting the levels of 43.00 riyals.
Comment
The stock is breaking the ascending trend line that started since November 2021, around the important support level of 39.00 riyals, and therefore we expect more decline and we recommend opening short positions to target the levels of 37.00 riyals, followed by 36.00 riyals. In the event of a rise above 40.50, the negative vision is canceled, and the stock's first target becomes 43.00 riyals.
