6010 NADECHello traders,
The National Agricultural Development Company (NADEC) is one of the clear companies in Saudi market.
Now: 29
with stop loss: 28
and the next target is 32.6 SAR.
Good luck for all
6010 trade ideas
ABCD Pattern is completed around 36ABCD Pattern is completed around 36 & we can
see clear Bearish Divergences that played well.
25.90 - 26.50 can be an Immediate Support.
However, Stock is in Bearish Trend and
continuously making LL LHs. Next Good Support
can be around 22.70 - 23.30
Crossing & Sustaining 28 may lead it towards
29.50 - 30
LL on Daily TFTo Continue the Bullish Trend,
it should cross & sustained 36.10; the target
would then be around 44 - 45.
Recently, it made a LL on Daily TF.
Now 32.60 - 33 should be Sustained, otherwise
the price will move further down towards
29.80
Bullish on Bigger Time Frames
However, Bearish Divergence is also
Observed on Weekly TF
ABCD pattern completes around 35 - 36 along-with
bearish divergence makes this level bit shaky at the
moment for new entrants.
32 - 33 Levels may act as Support but we Need
some Confirmation there.
However, Crossing & Sustain 36 would move it
Further Up; may be up to 39 initially & then 44 - 45
6010| NATIONAL AGRICULTURAL DEVELOPNATIONAL AGRICULTURAL DEVELOP
Nadec
New ATH!
Next targets at 40> 55> 70>90>105 SR(250%)
Good luck!
Please dont forget to boost, comment and like!
NADEC has shown weakness and formed a top H&Ss NADEC has just formed a top H&Ss though its neckline is slightly up-slanted which some chartists don't take for consideration. It still follows most of the formation principles such as the spike in volume corresponding head and the shoulders. To sum up my readings which could be wrong sometimes.
weaknesses:
1- parabolic move is broken down! see the arrow in chart
2- Within the major H&Ss formation, a minor "right angle triangle" is formed which in many cases is bearish considering the decreasing heights.
3- Corrective Wave III is on the run and it is usually very very aggressive.
strength:
1. Fundamentally, the company has improved its net-profit.
2. Corrective wave C is formed and either it goes on or revers but usually the latter.
I don't mean to bore you with my analysis, but if you want to short it, wait till the yellow-highlighted support as seen in chart is broken down with some volume then you get the confirmation.
