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2223 | Saudi Aramco Base Oil CompanySaudi Aramco Base Oil Company is trading within a potential broadening wedge formation, with both the lower and upper ascending trendlines supporting the price. The immediate support zone represents an optimal buying area before the price advances towards the targeted 180 level. Short term approach can be consider initially around 152-153 and secondary approach around 165. The internal demand zone is identified around 143 as a favorable accumulation point. On the flip side, if the trend line breaks then more bearish momentum can be seen. Use stop loss below 140 to manage risk.
TADAWUL:2223Long
by mbaberhanif
Zamil Industrial Investment Co. (2240)ZAMIL shares have been reaching higher peaks, while the Commodity Channel Index indicator is showing diminishing highs, indicating a bearish divergence pattern on the weekly timeframe. This pattern suggests the beginning of a downward trend. Confirmation of this trend would occur if the price breaks below the support level of 23.70 SAR. Conversely, if the price manages to break and sustain above the resistance level of 28.50 SAR, the next resistance is expected around 32.10 SAR. It is advisable to consider taking a long position only after the breakout is confirmed, and to implement a stop-loss strategy to manage risk effectively.
TADAWUL:2240Short
by mbaberhanif