TBNI: BANKS INDEX
Banks Has good weightage in TASI and thus following the similar behavior as TASI
Beautifully following Falling Wedge Pattern.
Bearish Until End of Nov
Short Bullish retracement within Falling wedge is expected by End of November Until top of falling wedge.
Watch individiual stocks
Trade with Stop Loss
TASI
TASI Tadawul All Shares IndexTASI is beautifully following Falling Wedge Pattern.
Bearish Until End of Nov
Short Bullish retracement within Falling wedge is expected by End of November Until top of falling wedge (in further 4 weeks).
Trade individual stocks with proper stop loss
Expected Bearish until Watchout level at strong support
TASI dumping to 8k rangeOur loving but always dropping TASI will continue down to 8400-8800 for several reasons.
1- The macro market. (Mainly)
2- It's broken down a major and well-defined trendline since 2008 and shows signs of rejection. Bears are in control at this point in time.
3- All major long term fib lines align at this point.
4- An order block (weekly) that followed the recovery of the market after the COVID crash was formed but was never retested as of yet.
Should the macro market continue to deteriorate, there is a major trendline at the 7000 range to hold us up. Breaking any further than than, let's say to the 5600-6000 range, is a fire sale 🔥 🔥
Well that's most of the bad news. There will be good trading days that will follow. Just stay focused on growing your capital legends. So when the bottom of the market truly arrives, we will have the power to invest for the long term. Take care.