2222 – Saudi Arabian Oil Co | Long Idea – Monthly Chart Analysis📈 2222 – Saudi Arabian Oil Co | Long Idea – Monthly Chart Analysis
Price has reached a Monthly Demand Zone, where strong historical buying interest was seen. After a consistent downtrend, we are now approaching a potential accumulation zone.
🟦 Trade Idea:
Entry Zone: 23.90 – 25.50 (within Monthly Demand)
Stop Loss: Below 22.30 (Monthly swing low)
Target 1: 30.35 (Monthly Fair Value Gap – FVG)
Risk:Reward: Excellent potential with ~17.6% upside
📊 Narrative: This setup aligns with Smart Money Concepts (SMC) and ICT methodology:
Liquidity sweep at the low
Reversal from Demand
Targeting FVG imbalance above
❤️ A potential bullish move is anticipated, tapping into premium pricing around 30.35, which may act as a magnet for price.
🔔 Watch for bullish confirmation candle or a shift in structure (CHoCH) on lower timeframes for refined entry.