SBIC Will Continue to decline next days !SBIC Will Continue to decline next days
To 82.91 SAR
StoopLoss 91.87 SAR
2010 trade ideas
SAUDI BASIC INDUSTRIES CO likely to go up .TADAWUL:2010 gave a buy signal , I think price is likely to continue up to around the first blue rectangle (88.3-91.5 Area) which would be the first target with a powerful level around the 88.3 (first blue line) .
It would be interesting then to watch If the price breaks and closes in an upcoming day considerably above the first blue rectangle (Above the 91.5) because if it does , it would likely continue up to around the second blue rectangle which would serve as a potential Second Target .
(Second Blue Rectangle :101.5-105.5 area with a powerful level around the second blue line at 101.5)
SAUDI BASIC INDUSTRIES CORP 2010technically
We notice the rise in the price after reaching Fibonacci levels 0 at 61 and the downtrend ending after forming a bottom above a low and the beginning of forming an uptrend
The price is now based on strong resistance and the Fibonacci levels at 0.23 at 86
It is possible to buy from this price, especially after breaking the Moving ravage Line 200
SABIC, A BULL WORTH THE WAITThis is the second time SABIC tests the resistance line drawn. Oil prices going up and an extended OPEC deal should benefit the market as a whole. Volatility for this stock is also good, however, I'd still wait to see what setup will emerge, if it breaks this line of resistance, then I expect the next resistance to be towards the 100SAR mark. Here's hoping it does. Please share your ideas and comments and lets learn together!
