Current price: 650.00
Key point: 550.00
Our preferred direction: buying positions at the highest level of 550.00 riyals, with targeting levels of 700.00 riyals, followed by 750.00 riyals.
Alternative scenario: stop loss and change direction by breaking 500.00 riyals, targeting 450.00 riyals.
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The stock is rebounding from the lower border of the descending price channel that started since February 2022 around the main support level of 550.00 riyals, and therefore we recommend opening buying deals to target the next resistance level 700.00 riyals, followed by 750.00 riyals. In the event of a decline below the main support level of 500.00 riyals, the previous analysis is canceled and the first support in this case becomes 450.00 riyals.
