Current price: 200.00
Key point: 195.00
Our preferred direction: buying positions at the highest level of 195.00 riyals, targeting levels of 210.00 riyals, followed by 220.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 190.00 riyals, targeting the levels of 185.00 riyals.
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The stock is moving above the ascending trend line that started since November 2021, and rebounding from the important support level of 195.00 riyals, therefore we recommend opening long positions to target the next resistance level of 210.00 riyals, followed by 220.00 riyals. In the event of a decline below the level of 190.00 riyals, the previous analysis is canceled and the first support in this case becomes 185.00 riyals.
