Tadawul trade advice (B): Saudi insurance stock | 5-6% gain | KSA stock trading idea on 25 Mar 2024

Tadawul 8120 : Gulf Union Alahlia Insurance vs TASI - Relative Strength Comparison

Tadawul 8120 : Gulf Union Alahlia Insurance - Technical Analysis (Daily)

• After the breakout of the Ascending Triangle pattern, price reached to 14.7 level.
• A correction in the price has been seen from that level.
• During this period, price has formed a Rounding bottom pattern.
• After the breakout, price was consolidating in a narrow range.
• With a strong bullish candle, price broke out that range upside and gave a huge rally of almost 33.5%.
• With a short pull back, price is moving further upwards.
• Volume has also become very high, which suggests the buying pressure is coming from downside.

Tadawul 8120 : Gulf Union Alahlia Insurance - RSI Indicator

• The current RSI of the stock is 66.54, shows strength of buyers. RSI line is also in a uptrend, which is very positive signal.

Tadawul 8120 : Gulf Union Alahlia Insurance - ADX & DI Indicator

• Increasing ADX value above 20, indicated the strength of the trend, thereby uptrending ADX confirms the bullish or bearish supportive decisions. Along with the rising ADX, and the +DI is above (or crossing) -DI, indicates the long trades should be favoured.

Tadawul 8120 : Gulf Union Alahlia Insurance - EMA Crossover

• The short length exponential moving average (10 EMA) has crossed the long length 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 8120 : Gulf Union Alahlia Insurance Stock Price Forcast

Based on our trading signals of Saudi stock market, Gulf Union Alahlia Insurance stock price target will be SAR 21.75 - SAR 22 in the next 08-10 trading sessions.