Saudistock
Tadawul All Share Index - Weekly - Saudi Stock Market IndexTadawul All Share Weekly Index - SAUDI ARABIA
11th April, 2021
As shown the Index is in multi year
correction from historical all time
high around 20000 mark.
Possible wave count suggests
one more leg down to as low as
6000 area may seen. The forthcoming
down move may coincide with
lower oil price and lower US,
Europe and other world stock markets.
Sustain trading above 11000 negates the downtrend scenario.
Tihama Update - Buy & Follow the Fibonacci Levels-For Tihama the good thing to do is to follow the Fibonacci extension to well measure the extension of the current bullish move, so normally we should close at the level 63,09 or 64,64 and you can see that it match up perfectly with the resistances, but what is more logical in my opinion is to close at 63,09? SO STAY IN YOUR POSITION
AN EASY QUIZ FOR THE NEXT WEEK I think that we should prepare to buy at the price 7,80 and put the price of 8,38 as a target and that may vary regarding the behavior of the market in the next week for the SL we can put 7,24,
PS: after the butterfly we saw that the market give us a strong bearish wave and then again the market did a remarkable correction with the breakout within the level 50% of the Fibonacci
PREPARE TO SELL YOU SHARE THE MARKET MIGH GO TO 74.54We have a strong indications that the market will go down :
1.The 3 recent candles are all in gravestone profile, the market can't break the VWAP indicator, the VWAP act as a strong resistance,
2.The Fibonacci give us the level of 75% as a strong resistance too,
3.The respect of the red trend line and the market need to go back to the channel,
Summary:
The market needs to go back the the level of 61§ of the Fibonacci retracement, and then we may have a good buy configuration, with all the past indications it's very hard to tell that the market will go up furthermore,
SAUDI KAYAN PETROCHEMICHAL CO Buy Signal To Watch (2350)Recently , TADAWUL:2350 had enough bullish strength to break above the black line .
If we close in an upcoming day considerably above the green area (significantly above the 8.8 ) , this stock would very likely continue up towards the first blue rectangle area at the 9.8-10 area , with an important potential to reach the second target at the secong blue rectangle (11.2-11.7 area).
The probability of reaching the second blue rectangle area is considerable but it would depend also on how price will act around the first blue rectangle area (9.8-10 ) .
SAUDI TELECOM CO looks promising .After publishing (On May 1st) the buy entry on my profile for TADAWUL:7010 it went from around 90 to 100 so far (Over 11% Growth) .Right now , being priced at 100 , there is still a promising potential for this stock .
In fact this stock is showing a powerful bullish momentum .AS LONG AS it remains CONSIDERABLY ABOVE the black line (like now) and closes the week considerably above the black line it would very likely continue up to around the first blue rectangle (105-110 area) with the strongest level in the blue box at around the 106.7 .At that point it would be interesting to watch an upward break of the blue rectangle and a considerable close above the first blue rectangle .That I think would be a powerful signal that we would continue up to around the second blue rectangle at the 117.5-120 area with the strongest level in the box being around the 117,5 .
SAUDI BASIC INDUSTRIES CORP Analysis .I think one still needs clear signs from TADAWUL:2010 before making any decision , because right now this stock has yet to confirm where price is heading .The way price will behave around key areas in the days to come will probably confirm the direction price is going to take .I think right now it would be better to just back up and wait for a sign .