TASI is in trouble: Will the Saudi Stock Market Keep Sliding?
Arijit, CMT, CFTe
Certified Trading Expert | High Reward-Low Risk Trade Ideas for the USA, Saudi and UAE Stocks ?? ???? ???? ????
In our previous blog Breaking Records: Saudi TASI Soars to New Heights in 2024,? we explored the prosperous state of TASI in the Saudi Exchange . Since then, the Index was steadily approaching its all-time high, and on 24 March 2024, it successfully reached its pinnacle.
Our team of expert analysts closely monitored the soaring TASI, reaching unprecedented heights. With our keen market observations, we accurately predicted an imminent downturn in the Saudi Tadawul. On 25 March 2024, we promptly issued a red alert exclusively to our premium subscribers, advising them that the TASI had reached its peak and would not ascend any further.
?? Remarkably, right after our announcement, the TASI promptly embarked on a downward trajectory. In just one week, the index corrected itself by a substantial 500 points, equivalent to a 4% decline.
Today, we will delve into the forthcoming trends of the Saudi Stock Market Indices, including TASI, over the next few days.
?1) TASI - Tadawul All Share Index
Price broke down the parallel channel and currently standing at the previous resistance level which will act as a immediate support level.
2) TBNI - Tadawul Bank Index
Price is moving in a range and currently standing at the support zone from where the price bounced before.
3) TCPIC - Tadawul Commercial & Professional Service Index
Price broke its trendline support and coming downwards.
4) TCSI - Tadawul Consumer Service Index
A huge selling pressure has been seen and price is continuously making lower lows.
?5) TDAI - Consumer Durables and Apparel Index
Price has formed a Rounding bottom pattern but couldn’t manage to sustain above the breakout zone and started falling downwards.
6) TMTI - Tadawul Materials Index
Price broke its trendline support. We are currently looking at a potential downfall in this index.
7) TFSI - Tadawul Food & Staples Retailing Index
Price has formed a Rounding Bottom pattern but couldn’t manage to breakout the neckline and falling downwards from the resistance level.
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8) TFBI - Tadawul Food & Beverages Index
In a long period of consolidation, price has formed an Inverted Head and Shoulder pattern. After the breakout, price is currently consolidating at the breakout level.
9) THEI - Tadawul Healthcare Equipment & Service Index
Price is coming downwards after breaking the Symmetrical Triangle pattern in downside.?
10) TUTI - Tadawul Utilities Index
After the breakdown of the support level, price has given a sharp fall.
11) TTNI - Tadawul Transportation Index
Price broke its trendline support and started falling.
12) TENI - Tadawul Energy Index
Price is currently standing at its support level. The direction can be up or down from here.
13) TRLI - Tadawul Retail Index
Price has continuously been making lower lows and coming downwards.
14) TRMI - Tadawul Real Estate Management Index
We are currently looking at a potential downfall in this index as the price got a rejection from the top.
15) TPBI - Tadawul Pharma And Biotech Index
The support level has been broken and the price started falling downwards.
CONCLUSION
Considering our assessment, it is anticipated that the Saudi Tadawul stocks, including TASI and other sectoral indices will experience a continued decline due to an ongoing short-term correction. Notably, Naranj Capital advises exercising caution when contemplating investments in the Saudi Stock Market during this period.
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12 个月How can traders effectively navigate the current decline in the Saudi Stock Market and make wise investment decisions? #TASI #tadawul #SaudiStocks
Accounting Consultant|CME-1|CME-4|International Certificate in Wealth & Investment Management
12 个月Amazing analysis sir ??very insightful