For now, we can't take accurate decision to enter in a buy position because we are in the middle of the recent price change action, I suggest to wait until the test at the oversold situation ( the green support ) and then we can buy after the market confirms our view
The Market now is testing the 50% value of Fibonacci retracement, for now the market is trying to go up to the level of 61 but anyway this recent bearish move is very significant and powerful and it's very hard to judge that the market will go up
Normally we should try to spot a buy position, now the market will be in a corrective wave and might go to test the green trend line below with a high probability, we saw the same respect toward the red trend line which is a clear rejection and the market want to go back, THE GREEN TREND LINE CAN ACT AS A MAGNET!
SOUTHERN PROVINCE CEMENT CO. On the weekly frame, breaking the bearish trend and closing above it. Target = 83.50 Stop-loss = 71.40 12.85% !!!
The market will return again to the previous channel and will be in a sideway position with a high probability, also we have candles with small bodies within the resistance level and then we saw a red engulfing candle with a message, that is this resistance is a solid one and can't be broke, so we can enter short and put our target within the level of 7544.337
As we can see in the chart, a descending falling wedge has been broken. Wait for the retest.
The market will return again to the previous channel and will be in a sideway position with a high probability, also we have candles with small bodies within the resistance level and then we saw a red engulfing candle with a message, that is this resistance is a solid one and can't be broke, so we can enter short and put our target within the level of 7544.337
Please share with me your thoughts, kind regards,
Please share with me your thoughts, kind regards.
The price needs to close above 24.00 to continue in the bullish wave
Please share with me your thoughts Regards
I see some positive movements on long term , Buy area 11.20 - 12.30 Sell area 18 - 18.60
TASI will go up next few weeks . **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
TASI did switch its previous upward trend into downward trend since May 2019 regardless of Covid19. And then it did start short term upward trend that I think it is about to end soon and then continuing on the downtrend trend that started earlier unless there is a good reason to not. It’s like a flight had to do emergency landing and then take off again. And...
TADAWUL:TASI index could reach 6750.00 especially if it closes under 7396 in the weekly time frame.