Saudi Aramco 2223As it's showing a stock in an uptrend, the stock enters a correction phase but rebounds to Fibonacci levels. However, it's worth noting that the volume is not supportive, unlike what we observe with other indicators, especially MACD, which will give a buy signal if the next candle confirms with a green. Similarly, in Bollinger Bands, touching its support level, just like the last time, the volume did not support, then it will be an uptrend. However, we are also observing that the trend is showing signs of weakness; if volumes increase, then we will consider it.
As we are already in a position, for safety, we are keeping our stop-loss at 167.84 AED.
Conclusion: All signs support an uptrend; the bullish trend is stronger, but we must primarily consider volume and other indicators and run with a stop-loss for safety.
ARAB SEA TO DRIVE LONG WAY TO NEW DESITNATIONSLooking at weekly frame analysis:
* Close Previous price gaps formed in June 12th to 19th 2022
- Price to hit 8.81 (Lower previous price gap)
- Price to hit 9.78 (Upper previous price gap)
New targets to hit after gap is closed and stabilize above 10.32
There seems to be a bullish rectangle which might be broken if bullish buyers are serious
Bullish on Daily TFInvestment Checklist
14.42% Expected Annual Return
Based on 1 year median target stock price of SAR 34.49 and annual dividend yield of 3.88%
Very Low Risk
This stock is 0.39x as volatile as the KSA
3.88% Dividend Yield
This stock offers higher dividend yield compared to the market dividend yield of 2.27%