Elm (TADAWUL: 7203) – Key Gann Levels in Play!Elm has been on a rollercoaster ride, experiencing a strong uptrend before hitting resistance and pulling back. The stock is now trading around 1,059 SAR, testing a key 360° Gann level at 1,015 SAR. So, what’s next? Let’s dive in!
Could be the scenario ;)
🔍 Technical Breakdown:
🔹 Resistance Levels:
1,181 SAR (405° Gann level) – A key zone that previously acted as resistance.
1,359 SAR (450° Gann level) – Breaking above this could restart the bullish trend.
🔹 Support Zones:
1,015 SAR (360° Gann level) – Crucial support currently being tested. A hold here could trigger a bounce.
862 SAR (315° Gann level) – Next potential support if selling pressure continues.
🔹 Trend Analysis:
The stock had a massive bull run before topping out and now seems to be in a correction phase.
If bulls defend 1,015 SAR, we might see another upside attempt.
🎯 Potential Scenarios:
🟢 Bullish Case:
Holding 1,015 SAR could lead to a retest of 1,181 SAR and, if momentum continues, a push towards 1,359 SAR.
🔴 Bearish Case:
A break below 1,015 SAR could signal further downside towards 862 SAR and possibly lower.
⚠️ Key Takeaway:
Elm is at a make-or-break level! Will bulls step in at 1,015 SAR, or is more downside ahead?
💬 What’s your outlook? Share your thoughts in the comments! 🔽🔥
#Elm #TADAWUL #StockMarket #GannAnalysis #TechnicalAnalysis
