Tadawul trade advice (A): Saudi capital goods stock | 6-7% gain | KSA stock trading idea on 13 Aug 2024

Tadawul 2320 : Al-Babtain Power and Telecommunication vs TASI - Relative Strength Comparison

Tadawul 2320 : Al-Babtain Power and Telecommunication - Technical Analysis (Daily)

• The price previously exhibited a Rounding Top pattern and spent some time consolidating within it.
• Typically, when this pattern appears, a notable decline in price is expected.
• However, instead of dropping, the stock price showed a reversal by creating a Double Bottom pattern.
• After a gap up opening, the price surged upward, resulting in a significant rally.
• As it approached the 49 level, the price encountered substantial resistance, leading to a sharp correction followed by a consolidation phase.
• During this period, a Bullish Pennant pattern emerged, and with a strong breakout backed by impressive trading volume, the price is now poised for another upward movement.

Tadawul 2320 : Al-Babtain Power and Telecommunication - RSI Indicator

• Current RSI of this stock is 65.18, which indicates the strength of buyers.

Tadawul 2320 : Al-Babtain Power and Telecommunication - MACD Indicator

• MACD line has just crossed the signal line from the below, generates bullish signal.

Tadawul 2320 : Al-Babtain Power and Telecommunication - EMA Crossover

• The short length exponential moving average (10 EMA) has just crossed the long length exponential moving average (20 EMA) from the below, generates bullish signal. Last day’s candle has closed above all these moving averages. This suggests buyers are taking interest in this stock.

Conclusion - Tadawul 2320 : Al-Babtain Power and Telecommunication Stock Price Forcast

Based on our swing trading advice for Saudi Tadawul, Al-Babtain Power and Telecommunication stock price target will be SAR 45 - SAR 46 in the next 14-15 trading sessions.