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Tasianalysis

🚀 TASI surge 24% in 2023: Decoding the next move in 2024.Tadawul All Share Index (TADAWUL:TASI) 1) In the day chart we noticed that the Tadawul All Share Index has formed a head and shoulder pattern from April 2023 - September 2023 and a obvious neckline breakout marks the end of the H&S pattern. 2) At the end of H&S pattern we noticed a big red candle closed at 50% into the body of the previous green candle. This is a trend reversal sign known as Dark Cloud candles. 3) Since the August 2023 a sharp down trend consist with mostly the red candles. It signifies strong bearish momentum. TASI had fallen from 11933 to 10262, nearly 14% correction in a span of just 12 weeks. 4) We noticed the bullish flag pattern started forming since mid Nov 2023, where two parallel trendlines preceded by a flag pole which clearly indicates strong bull's presence in the index. 5) Dec 2023 onwards TASI started moving straight upward after flag pattern breakout and again forming a bullish flag pattern. Such back to back flag breakouts give prominent signal of long bullish run to be continue. Happy Trading! Cheers to this bull run!
TADAWUL:TASILong
by NaranjCapital
TASI how to trade the downtrend in TadawulSaudi stock market, also known as Tadawul, is the largest in the Middle East, and it has been in spotlight due to various economic reforms aimed at diversifying the country's economy and reducing its reliance on oil exports. The government's Vision 2030 plan includes initiatives to attract foreign investment, develop non-oil sectors, and privatize state-owned companies, which could contribute to the growth of the stock market. Technical analysis: - TASI has enjoyed a bull run to reach highs of 14,000 in May-22 from the Covid lows of 5,600 in Mar-20 - It is in downtrend since last 10 months and next support level is pre-Covid peak of May-19 at 9,386 - On daily timeframe, 200 DMA support is broken and price is headed downwards - Volume is below average - Negative directional movement Strategy: Price is trading in descending channel. Below strategies can be useful: - Sell the top of channel - Buy at the bottom of channel - Buy if the price breakouts above the channel Recommendation: SELL
TADAWUL:TASIShort
by tradingswift
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.
TADAWUL:TASIShort
by Cough5yrup
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