Saudi Arabia Stock Market(TASI) in downtrend for next few months

TADAWUL:TASI   Tadawul All Shares Index
  • Looking at the weekly chart from Feb-2018 it looks like index is in the second half of right shoulder of Head and Shoulder Pattern.
  • The high of left shoulder around 8450-8460 range has again acted as a resistance during the formation of right shoulder high.
  • This is also 61.8% retracement of price drop from high of mid-July to low formed in mid-October.

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