Saudi Prime Trading Advice (A) | 24-Sep-2024 | Expected Gain 11%-12%

BUY Electrical Industries (TADAWUL: 1303)

Aldrees Petroleum and Transport Services Company is involved in the distribution and sale of fuel, gasoline, oil, and lubricants in Saudi Arabia. This company operates through two segments, namely Petroleum Services and Transport Services. It offers a range of amenities at its fuel stations, including car wash, tire servicing, additives, alignment, accessories, food, mosque, ATMs, and even car rental services. Furthermore, Aldrees constructs, operates, and rents take away centers that serve hot and cold beverages, food, and also provides catering services. Additionally, the company provides transport and logistics services, utilizing a fleet of trucks and trailers for the transportation of liquid and dry materials. It also offers highway transportation for goods. Established in 1957, Aldrees Petroleum and Transport Services Company has its headquarters in Riyadh, Saudi Arabia.

Relative Strength

Relative Performance - Last 1 Year

Technical Analysis (Daily)

Tadawul 4200 : Aldrees Petroleum and Transport Services - Technical Analysis (Daily)

• The price previously faced rejection multiple times around the 106 level.
• Subsequently, the stock price declined and entered a consolidation phase and developed a Rounding Bottom pattern.
• After breaking out, the stock surged sharply, reached an all-time high near the 145 level.
• At this peak, it encountered resistance, resulted in a swift drop.
• Once the price stabilized, it attempted to break through the previous resistance again but fell short, leading to a significant correction.
• Ultimately, the stock found support around the 106 level.
• Following a short consolidation period, the stock formed a Double Bottom pattern and recently broke through the trendline resistance, bolstered by substantial trading volume.
• It is expected that this upward trend will continue.