Technical Overview: Saudi Stock Exchange (Tadawul) Saudi All Share Index <.TASI> closed at 5,979.30 point. The recent relief seen on the market does not necessarily indicate an end to the bearish move, but it could suggest a short-term bullish tone supported by positive weekly and daily “RSI” indicators. The index encounters an interim resistance level at around 6,160 point, while a more bullish momentum could be extended towards the horizontal line at 6,300 point. Knowing that a firm close above this level would open the space for further gains towards 6,535 point and 6,660 point. However, losing the recent low at 5,795 point will trigger 5,680 point and maybe a revisit to this year’s low at 5,231 point. Strategy: Medium-term (11 weeks) and long-term (50 weeks) investors can re-enter the market above 6,260 point and 6,400 point, respectively.


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