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Tadawulindex

🚀 TASI surge 24% in 2023: Decoding the next move in 2024.Tadawul All Share Index (TADAWUL:TASI) 1) In the day chart we noticed that the Tadawul All Share Index has formed a head and shoulder pattern from April 2023 - September 2023 and a obvious neckline breakout marks the end of the H&S pattern. 2) At the end of H&S pattern we noticed a big red candle closed at 50% into the body of the previous green candle. This is a trend reversal sign known as Dark Cloud candles. 3) Since the August 2023 a sharp down trend consist with mostly the red candles. It signifies strong bearish momentum. TASI had fallen from 11933 to 10262, nearly 14% correction in a span of just 12 weeks. 4) We noticed the bullish flag pattern started forming since mid Nov 2023, where two parallel trendlines preceded by a flag pole which clearly indicates strong bull's presence in the index. 5) Dec 2023 onwards TASI started moving straight upward after flag pattern breakout and again forming a bullish flag pattern. Such back to back flag breakouts give prominent signal of long bullish run to be continue. Happy Trading! Cheers to this bull run!
TADAWUL:TASILong
by NaranjCapital