Saudi Aramco Short Term ViewTADAWUL:2222
SAUDI ARAMCO breaks out of parallel channel after completing wave 3 extension.
Now I think it's in wave 4 the ideal correction measure for wave 4 is 38.2% of wave 3. maximum is 50% of wave 3. In this case it's possible that stock will correct to near 50%.
Now why 50% I'm saying is because there is strong support created on 14 jul 2022 at near 31.20 which will act as support.
See my next analysis for LONG TERM view.
Saudi Aramco Long Term ViewTADAWUL:2222
SAUDI ARAMCO clean structure on chart. Extended wave 3 is completed. Now stock is on correction in wave 4
I think stock will take few more weeks to complete the wave 4 correction.
Now I think there are more than 2 possibilities. I have shown 2 possibilities in chart.
1) First possibility is that stock is in wave 1 of extended wave 3. Red Arrow is shown on chart is showing that stock will break all time high level. It means that it's in wave 3.
2) Second possibility is shown with green arrow in chart. That stock is in complex correction and it's in wave X. If it's in wave X then labelling will be different which I not shown in chart.
I will update regularly if corrections are needed for labeling.
Saudi Basic Industries Corp. can break multi year consolidation TADAWUL:2010
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
Saudi Dairy and Foodstuff. 20/3/22Saudi Dairy and Foodstuff has given a up flag breakout on weekly charts. This stock is trading on Tadawul Index. CMP is 178. Target would be 228 and stoploss for the trade is 165 on weekly closing basis. This trade has a very favorable risk to reward ratio, therefore, worth taking a trade.
Alinma Bank - Consolidation Pattern going to Burst soonAlinma Bank (TADAWUL:1150)
● First breakout happened on 28 July 2021.
● After the strong breakout happened earlier, the stock is seen consolidating again.
This signals a higher base building process which will act as launchpad for the next up move.
SAUDI ARABIAN OIL, DAILYTADAWUL:2222
According to the line mentioned in the graph, we see that the market in an uptrend and protect by our line, October 05 gives us a strong signal to buy so I announce to all who are interested in 2222 to buy the SAUDI ARABIAN OIL stock and who already have it in their wallet to buy it again