Buy Saudi Automobile Services | Tadawul 4050 | 6-8% gain | Saudi stock trading idea on 30 Jul 2024

Tadawul 4050 : Saudi Automobile Services vs TASI - Relative Strength Comparison

Tadawul 4050 : Saudi Automobile Services - Technical Analysis (Daily)

• The stock price encountered resistance several times around the 58-59 levels before experiencing a brief decline.
• However, it managed to bounce back and break out successfully with strong volume support.
• Subsequently, the price embarked on an upward trajectory following a short consolidation period.
• After reaching an all-time high near the 84 level, the stock price experienced a steep decline.
• A Head & Shoulder pattern emerged on the chart, suggesting a bearish sentiment.
• Once the neckline of the Head & Shoulders pattern was breached, the stock underwent further correction.
• Finding support around the 48 level, the price began to climb upwards. Interestingly, an Inverted Head & Shoulders pattern emerged during this phase, hinting at a potential trend reversal.
• A recent breakout, accompanied by an increase in trading volume, indicates that the price is poised to move higher.

Tadawul 4050 : Saudi Automobile Services - RSI Indicator

RSI

A distinct RSI divergence is evident, signaling a bullish sentiment in the market. Additionally, with the RSI positioned above 60, it underscores the robust strength of the buyers.

MACD

The MACD line's recent crossover with the Signal line from below, coupled with its rise above the zero level, signals a bullish trend ahead.

Conclusion - Tadawul 4050 : Saudi Automobile Services Stock Price Forcast

Based on our Saudi trading advice, Saudi Automobile Services stock price target will be SAR 66 - SAR 67 in the next 12-14 trading sessions.