Current price: 57.94
Key point: 57.30
Our preferred direction: buying positions above the level of 57.30 riyals, targeting levels of 60.00 riyals, followed by 62.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 56.80 riyals, targeting the levels of 54.00 riyals.
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The stock breached the important resistance level of SAR 57.30, therefore we recommend opening long positions to target the next resistance level of SAR 60.00, followed by SAR 62.00. This scenario favors positive signs on both the RSI and Ichomoku indicators. In the event of a decline below the important support level of 56.80 riyals, the previous analysis is canceled and the first support in this case becomes 54.00 riyals.
