Saudi Telecom Co rules !Saudi Telecom shows a strong bullish momentum.
There will be a correction and then it will increase more.
7010 trade ideas
Saudi Telecom stock bullish signs
Support and Resistance lines:
Fibonacci Retracement: When drawn from the highs of 2006 at 180 SAR to the lows of late 2011 at 30 SAR, the 0.382 line falls at 90 SAR and the 0.618 falls at 125 SAR.
90 SAR is a strong line for three major historical resistance/support regions, late 2005, late 2007, and late 2018.
100 SAR is also a weaker level .
On the monthly time scale:
1. TD sequential is showing a green 2 trading above a green 1. That is a bullish sign.
2. Price has already passed and closed above the 90 line where also the .382 Fibonacci line falls.
On the weekly time scale:
We are on a green 8 on TD sequential. So we expect a pull back on this candle or the next for one to four weeks.
I expect resistance at 100 SAR and support at 90 SAR.
