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Tadawul All Shares Index
Short
Feb 3, 2020
Short Saudi Index TASI
0
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On the daily chart divergence in RSI for highs of Dec-2019 and Jan-2020 indicated weakness in the up move within the channel.
Index has broken out of channel in last few days with both daily and weekly RSI now below 50 indicating weakness.
Index expected to continue its move back towards 7700 in next 5-6 months where the HnS pattern would complete.
Support can be expected at 8000-8050 followed by 7800 and 7700.
On completion of HnS pattern next support can be expected at 7400, 7000 & 6800.
On the upside resistance can be expected at 8400-8450 followed by 8600, 8860 & 9090.
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