2110Saudi Cable's current trading position below the 200-day Exponential Moving Average (EMA) suggests a bearish trend. A potential shift to a bullish outlook could occur upon maintaining levels above the 200-day EMA. There are indications of an Adam & Eve formation forming in its price action, with the neckline of this pattern situated around 81. Price action has shown rejection from this level after forming the Adam, with a potential formation of the Eve anticipated. Completion of the Eve could lead to a bullish sentiment following a breakout.
A support zone is identified approximately between 56-57, from which a rebound is anticipated. Two plausible scenarios could invalidate this analysis: firstly, if the price fails to decline further and breaks out above 81, maintaining levels above, thereby shifting sentiment from bearish to bullish. Secondly, if the price drops below the support level of 56, a more bearish price movement could be expected.
It's important to note that these observations are speculative and not financial advice. It's recommended to conduct thorough research before making any trading decisions, whether long or short positions.
