Get started
SAUDI ARABIAN OIL CO.SAUDI ARABIAN OIL CO.SAUDI ARABIAN OIL CO.

SAUDI ARABIAN OIL CO.

No trades
See on Supercharts
Overview Financials News
Ideas
Discussions Technicals Forecast Seasonals Bonds

2222 trade ideas

Aramco eyes diversification after record Q2 income Is Saudi Aramco (TADAWUL: 2222) looking to diversify its income sources after soaring oil prices helped it deliver record-high earnings in the second quarter? Saudi Aramco saw its net income nearly double during the three-month period to 173.80 billion Saudi riyals ($46.28 billion) from 90.90 billion riyals. President and CEO Amin Nasser said increasing demand for the company's products made the record-high earnings possible, adding that it also benefitted from favorable market conditions stemming from strong global crude oil prices. But as oil prices begin to cool down, Saudi Aramco has set its sights on improving its technology and generating products from different sources. Reaching New Heights Saudi Aramco formally listed on the Saudi Stock Exchange Dec. 11, 2019. Upon its debut, it became the most valuable listed company with a market capitalization of $1.9 trillion. It was eventually dethroned by Apple (NASDAQ: AAPL), but thanks to oil price hikes, it reclaimed the title in May with a market value of $2.43 trillion against Apple's $2.37 trillion. Every movement in the company's price is heavily reliant on oil and energy prices. Saudi Aramco saw major growth when oil prices reach multi-year highs at the beginning of the second half. When war broke out between Russia and Ukraine, oil prices had another boost. Nowadays, industry observers aren't as bullish. Last week, oil prices tumbled amid fears that demand could weaken due to an impending economic slowdown, Reuters reported. Given this trend in oil prices, the company had been on the red, dropping nearly 3% to $39.00 since August 14. Its management does not seem fazed, however, with Nasser saying "we expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts." Off to new goals Nasser, as part of Saudi Aramco's second quarter results, said the company is working to increase production from multiple energy sources, including oil and gas, as well as renewables and blue hydrogen. "We are progressing the largest capital program in our history and our approach is to invest in the reliable energy and petrochemicals that the world needs, while developing lower-carbon solutions that can contribute to the broader energy transition," he added. Khalid Al-Falih, Saudi Arabia's Minister of Energy Industry and Mineral Resources and chairman of the Saudi Aramco's board, said the company will be on the frontline of the country's Vision 2030. He said the company "will become a much more technology and knowledge-driven organization" and that it "will seek to move, change, and expand into areas that will not only make it more agile and responsive, but also lead the industry into a better energy future."
TADAWUL:2222
by BlackBull_Markets
Aramco Future Price Prediction AnalysisLegal DISCLAIMER All liability for risks resulting from investment transactions or other asset dispositions carried out by the reader based on information received or market analysis is expressly excluded by this analyst. All the information made available here is generally provided to serve as an example only, without obligation, and without specific recommendations for action. It does not constitute and cannot replace investment advice. Therefore, the analyst recommends contacting your financial advisor before making specific transactions and investments. This idea may contain instruction/suggestions for short-selling an instrument. This analyst considers short-selling Haram(forbidden by the laws of Islam); therefore, any trade taken suggested in this idea, the analyst will bear no responsibility, in this world or the hereafter. Introduction Following is a price movement analysis. It discusses scenarios that may occur soon. This also discusses suggestions for the trading strategies for each likely scenario. Based on this analysis, many ideas will be published, detailing trading strategies for each likely scenario. Background TADAWUL:2222 is a specialized oil company; its share price usually fluctuates with the oil price. With the current agreements regarding oil production, oil prices are rising. TADAWUL:2222 share price, after reaching an all-time high of 42.5 on the 16th of May 2022, in decline for 59 days, losing 14.77% of its value. The decline follows a trendline (blue color line) that the market tested more than three times last month. Price action tested the trend line on the 7,9,19,20 and the 30th of June 2022 (thumbs up icons). Current Situation A Bullish Kicker was observed yesterday (the 17th of June 2022) along with a confirmation candle the next day. Scenario 1: Price action follows the trendline As the current trend line is tested multiple times, there is a possibility that the market will continue to observe and respect the trend line (Red Dotted Path under Trendline). If that is the case, then a trader should take scalping trades with the following considerations: For Long Trades Entry must be taken upon the appearance of a bullish candle pattern at the Support Level, traditionally supported. Keep the TP level below the trendline Keep the SL level above the aforementioned Support Level. For Short Trades Trader must take entry upon the appearance of a bearish candle pattern at the trendline. Keep the TP level above the aforementioned Support Level. Keep the SL level at the trendline. Scenario 2: Price action follows Trendline but breaks through the support level The trendline has been respected for the last month, but the support line, although respected once, is possible that the price may fall through it, and the price action may trend downwards (Red Dotted Path breaking Support). If that is the case, no long trades are advised in this scenario. Before taking any such trade, the trader should wait for correct market conditions (like trend reversal or bullish candles at the bottom trend of the parallel channel). Meanwhile, a trader can take short trades with the following considerations: For Short Trades If the entry was not taken upon the appearance of a bearish candle pattern at the trendline, then the entry must be taken at Support Level + (ATR value/2). Keep the TP level at the low + 10 pips of the last Lower low, i.e., the Doji candle made on the 15th of March 2022. Keep the SL level at the trendline and later move to the latest Lower low. Scenario 3: Price action may "fakeout" of trendline without a follow-through As happened earlier on the 31st of May 2022, the price breakout of the trend line(yellow circle at Resistance 4) but was later pulled back after facing resistance, indicating the lack of follow through. This can happen in this situation, too (Dotted Turquoise Path bouncing down at current Resistance Zone) due to the sharp rise in oil prices. But this breakout will likely be pulled back towards Support. If that is the case, then a trader should take scalping trades with the following considerations: For Long Trades Trader must take entry upon the appearance of a bullish candle pattern and a confirmation candle at the current Support Level. Keep the TP level below the resistance zone. Keep the SL level before the current support level and move to the latest Lower low. For Short Trades Trader must take the entry upon the appearance of a bearish candle pattern along with a confirmation candle at the Resistance Level. Keep the TP level at the low + 10 pips of the last Lower low, i.e., the Doji candle made on the 15th of March 2022. Keep the SL level before the resistance zone and move to the latest Lower low later. Scenario 4: Price action may breakout of Trendline with a follow-through breaking through Resistance Zone The trendline has been respected for the last month, but the resistance zone that acted as a support zone prior 14th of January 2022 and later converted to a resistance zone was tested once on the 30th of June 2022. Therefore the price may rise through it, and the price action may trend Upwards (Torquise Dotted Path breaking through Resistance Zone). No short trades are advised in this scenario if that is the case. Before taking any such trade, the trader should wait for correct market conditions (like trend reversal). Meanwhile, a trader can take long trades with the following considerations: For Long Trades If the entry was not taken upon the appearance of a bullish candle pattern at the support level, then the entry must be taken at Resistance Zone + (ATR value/2). Keep the 1st TP level below the Resistance Level 2 Keep the 2nd TP level below the Resistance Level 3 Keep the 3rd TP level below the Resistance Zone 4 Keep the SL level at the trendline and move to the latest higher low later.
TADAWUL:2222
by mhadiunofficial