Tadawul trade advice (D): Saudi insurance stock | 10-13% gain | KSA stock trading idea on 11 Mar 2024

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

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

• From the entire chart we can observe that the price is in an uptrend.
• After the breakout of the Cup & Handle pattern, price continued its trend and breaking the resistance zone one after another.
• After the last breakout, price sustained above the level and with a retracement price is moving upside further.
• Looking at the candles of the breakout level, it is clear that the buyers are very aggressive at the moment.
• A upmove is expected from the current level as the momentum is with the buyers.

Tadawul 8120 : Gulf Union Alahlia Cooperative Insurance - RSI Indicator

• Current RSI of this stock is 71.01, which indicates the strength of buyers.

Tadawul 8120 : Gulf Union Alahlia Cooperative 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 Cooperative Insurance - MA Crossover

• The short length moving average (10 SMA) has crossed the long length moving average (20 SMA) 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 Cooperative Insurance Stock Price Forcast

Based on our trading signals for Saudi Arabia, Gulf Union Alahlia Cooperative Insurance stock price target will be SAR 19.5 - SAR 20 in the next 14-15 trading sessions.