2381 trade ideas
2381Arabian Drilling Company is in a down trend since 18th March' 2024. Currently it is testing its demand zone around 136 and RSI indicator is at over bought level and the doji candle formation is observed which indicates a bullish reversal from this level. Use stop loss below demand zone at 130. Initial resistance lies around 148 upon break and sustain secondary resistance lies around 156.
2381|Arabian Drilling📊 Arabian Drilling
📈Triple bottom pattern
📈And in the process of forming the fifth Elliott wave, which will move us 50% higher 🚀
🏷 Current price is175.80 riyals
🎯Goals: from 192 to 260 riyals
👇The rest of the details are in the chart!
Good luck!
🤝Please do not forget to support, cheers, likes, comments and boost!
Thanks!
ARABIAN DRILLING CO. (2381)The price action is moving in an ascending parallel channel and gives closing at 203 in the last trading session. First support lies in the range of 200-198 and second support around 190-188. If it sustains the support zone then buying opportunities will establish. On the flip side, resistance lies between 214-215, sustaining above can pull the price towards more upward. Close below 180 establish a bearish momentum.
2381
Arabian Drilling Company (ADC) is an onshore and offshore oil and gas rig drilling company headquartered in Al Khobar, Saudi Arabia. It was founded in 1981 and is one of the largest drilling companies in the Middle East. ADC has a fleet of over 45 rigs, which operate in Saudi Arabia, the United Arab Emirates, Qatar, Oman, Iraq, and Egypt.
The IPO was oversubscribed by 816.45%
The IPO was a significant milestone for ADC, as it marked the company's entry into the public markets. The IPO will provide the company with the capital it needs to execute its growth plans and achieve its long-term goals
