This is the second time SABIC tests the resistance line drawn. Oil prices going up and an extended OPEC deal should benefit the market as a whole. Volatility for this stock is also good, however, I'd still wait to see what setup will emerge, if it breaks this line of resistance, then I expect the next resistance to be towards the 100SAR mark. Here's hoping it...
TADAWUL:2010 gave a buy signal , I think price is likely to continue up to around the first blue rectangle (88.3-91.5 Area) which would be the first target with a powerful level around the 88.3 (first blue line) .
It would be interesting then to watch If the price breaks and closes in an upcoming day considerably above the first blue rectangle (Above the 91.5)...
SAUDI BASIC INDUSTRIES CORP. LONG
If we maintain the momentum we can look for 100 or higher, for now SAUDIBASIC INDUSTRIES CORP.. is to hold in portfolio or even buy more at the level highlighted on the chert
I think one still needs clear signs from TADAWUL:2010 before making any decision , because right now this stock has yet to confirm where price is heading .The way price will behave around key areas in the days to come will probably confirm the direction price is going to take .I think right now it would be better to just back up and wait for a sign .
An opportunity to short the stock since we are about to see a rejection. Therefore, Once the rejection is occurred I think It will be a great trade to the lower band.
There's a strong resistance ahead( Levels 74.40 and 75.97. Therefore, a strong bearish movement is expected that will reflect the potential final wave C.
The trigger will be a strong rejection on top. hence, going back to 72 or 71.4.
