Key point: 2.80
Our preferred direction: short positions below the level of 2.80 riyals, targeting levels of 2.60 riyals, followed by 2.44 riyals.
Alternative scenario: stop loss and change direction by breaching the level of SAR 2.81, targeting levels of SAR 2.90.
Comment
The stock is moving in a descending price channel that started in March 2022, and is declining after testing the important resistance level of 2.80 riyals. Therefore, we recommend opening short deals to target the next support level of 2.60 riyals, followed by 2.44 riyals. As for the case to rise above 2.81 riyals, the previous analysis will be canceled and the first target of the stock becomes the next resistance level of 2.90 riyals.
