4150 | Bullish Dragon PatternArriyadh Development Company (4150) - Technical Analysis
Pattern: Bullish Dragon Pattern
Context:
Previous Trend : The stock price was in a downtrend since reaching a peak of SAR 25.85. During this downtrend, the price made lower lows and lower highs, resting around SAR 21.
Breakout : A breakout was observed from the descending trend line.
Pattern Details:
First Candle : Long bearish candle during the downtrend.
Second Candle : Small-bodied candle that gapped down.
Third Candle : Long bullish candle that closed above the trend line at approximately SAR 22.70.
Support : After the breakout, the price reset and established support around SAR 22.34.
Potential Reversal : The formation indicates a potential reversal to an uptrend.
Resistance and Target:
Initial Resistance : SAR 24.46
Target : Upon breaking the initial resistance of SAR 24.46, the price may test the previous top of SAR 25.85.
