Buy Arabian Pipes | Tadawul 2200 | 20-24% gain | KSA stock trading idea on 4 Nov 2023

Tadawul 2200 : Arabian Pipes vs TASI - Relative Strength Comparison

Tadawul 2200 : Arabian Pipes - Technical Analysis (Daily)

• Looking at the Arabian Pipes historical stock price, the stock had been moving in a larger sideways range since the last 14 years (2009-2023) and the stock price was showing lack of strength to sustain the upmove during this period.
• The stock was recovered sharply since mid 2022 and witnessed a strong rally during 2022-2023, rallying from SAR 33 to the current high of SAR 108. A whopping 227% gain in just a year.
• Recently the stock is expected to register a strong breakout since the past the 14 years consolidation signaling the resumption of the long awaited uptrend.

Tadawul 2200 : Arabian Pipes - Technical Analysis (Daily)

• As seen in the Arabian Pipes daily chart analysis, the stock has formed a symmetrical triangle pattern, and the breakout of the consolidation pattern indicates a positive sign for the stock.

Tadawul 2200 : Arabian Pipes -Bollinger Bands

• Last two days, the stock is trading above the 15 days MA and recent closing above the Upper Bollinger Band showing confidence of our view.

Tadawul 2200 : Arabian Pipes - MACD Indicator

• The momentum indicator MACD is also suggesting a big upside in the stock. From the last few weeks, serious delivery buying was seen in the stock with positive price action which indicates big upside for a short term point of view.

Conclusion - Tadawul 2200 : Arabian Pipes Stock Price Forecast

Based on our stock trading advice in Saudi Arabia, Arabian Pipes stock price target will be SAR 122 - SAR 126 in the next 12-14 trading sessions.