Saudi Basic Industries Corp. can break multi year consolidation

Saudi Basic Industries Corp. can break multiyear consolidation but there are two alternatives this is one possibility which I have shown in charts. In both possibilities SABIC should have to go below 59.5 in spot market to end multiyear consolidated bear trend. Then I think SABIC will be in bull trend.

Entry: -
1) If Stock goes below 59.5 then wait and let stock rebound and if stock goes above 85 then start Buying for long term.

Target: -
1) If stock goes above ① which is all time high at 252.2 then target will be 399.4. Which is 1.618 reverse retracement of wave ①.
2) 2.618 Reverse retracement of wave ① which is 637.6


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.