Welcome to GulfBase Live Support
Technical Overview: Saudi Stock Exchange (Tadawul) Saudi All Share Index <.TASI> ended at 6,710.56 point. The index ended a sideways movement that was seen on the last few weeks between 6,500 point – 6,635 point, as it witnessed a bullish breakout above the upper level 6,635 point on April 25. Hence the road is now furnished for the bulls to retarget the next layers at around 6,800 point before 6,940 point as the positive tone is expected to remain. Knowing that it would take a cross over the last one to reduce the risk of a dip back to the support level at around 6,500 point; however, managing to do so will be enough to call for a progressive gain towards 7,250 point, 7,500 point and 7,900 point (50% level of the Fibonacci Retracements from 11,697 point – 4,068 point). On the bearish side, a close below 6,500 point would trigger a slippage towards the support area between 6,400 point – 6,300 point.
Strategy: Medium-term (11 weeks) and long-term (50 weeks) investors should stay in the market as long as the index is holding above 6,500 point and 6,400 point, respectively.