Key point: 38.00
Our preferred direction: long positions at the highest level of 38.00 riyals, targeting 42.00 riyals, followed by 44.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 37.00 riyals with targeting levels of 35.00 riyals.
Comment
The stock is rebounding from the ascending trend line that started in November 2021, therefore we recommend opening long positions to target the next resistance level 42.00 riyals, followed by 44.00 riyals. In the event of a decline below the level of 37.00 riyals, a stop loss is required, and the stock's first target becomes 35.00 riyals.
