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Tasisignals

🚀 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