Current price: 40.40
Key point: 39.40
Our preferred direction: buying positions at the highest level of 39.40 riyals, targeting 42.00 riyals, followed by 44.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 39.00 riyals, targeting the levels of 38.00 riyals.
comment
The stock is moving within the boundaries of the descending price channel that started since August 2021, and rebounding from the lower boundary of this channel around the level of SAR 39.40, and therefore we recommend opening buying deals to target the next resistance level of SAR 42.00, followed by SAR 44.00, and this scenario supports the positive signs that appeared on both the indicator Relative strength and the Ichimoku indicator. In the event of a decline below the level of 39.00 riyals, the previous analysis is canceled and the first support in this case becomes the level of 38.00 riyals.
