🚀 TASI surge 24% in 2023: Decoding the next move in 2024.

Tadawul All Share Index 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!

Comment:

After the breakout of the technical flag chart pattern, TASI has taken a decline from 52 week high. The price has fallen down so fast but couldn't able to break down 11,800 level. In the last six trading sessions price almost moves approx 4.2%, indicates bulls are showing their strength.