TASI trade ideas
HEAD and SHOULDER CONFIRMED !!The Saudi Arabia Index formed a Head and Sholder pattern and broke the neck line, technically we should go to 5490 soon
So the OIL will also get down ??
tasiSaudi Market
Negative The negative is confirmed by breaking 8036 this week
If that happens then the first negative target is the 7,400 area, so let's be careful
TsaIHopefully 8000 stand as very strong support
If it breaks we can see next support on the chart which is so bad for the economy if it break that
Long position can be open with pullback expected to meet hi. tasi with creteria for correction and resume
TASI@4h - Go Long!TASI@4H – Buy Setup!
Currently, a corrective structure “Tradable” unfolds … At least an on impulse wave up – as a minimum – in order to get the whole corrective structure completed.
Expect an impulsive move to the downside, once the corrective structure compete itself.
Your input/comments are quite valuable to us!
Technical Analysis on TASI
If TASI reach the 8600 point range, it will be a good opportunity to jump in.
Technical Analysis Update: Tadawul All Share Index (TASI) - SaudSummary
• TASI / KSA break out of bull head & shoulders bottom trend reversal pattern.
• Indicates continuation of long-term upward sloping trend channel.
• Key Fibonacci zone targets marked on enclosed charts.
Bullish reversal is indicated as the Tadawul All Share Index (TASI) (Saudi Stock Market) breaks out of a head & shoulders bottom reversal pattern at the start of the week. The pattern formed following the completion of a 78.6% Fibonacci retracement of the near-term downtrend.
A continuation of a long-term uptrend channel can be anticipated with an eventual rally back to the top of the channel. Fibonacci retracement and projection levels are marked on the enclosed charts to identify potential near and long-term price targets.
Nevertheless, a decisive daily close below the head at 7,396.60 is a failure of the above bullish scenario, while a daily close below the right shoulder at 7,808.54 puts the bullish scenario at risk and requires a new assessment.
Investors in US markets can access the iShares MSCI Saudi Arabia ETF (KSA) ETF for exposure to the Saudi Arabia stock market. An upside breakout in KSA occurred this week as price closed above $30.56 on a daily basis. Support at the bottom of the right shoulder of the head and shoulders bottom reversal is at $28.97, while the bottom of the head is at $28.04. Fibonacci target levels for KSA are noted on the weekly chart below.
bad news for the investorsMonthly broken avg confirmed.
mass selling expected next month if the market open under the last avg
