Buy Al Yamamah Steel Industries | Tadawul 1304 | Naranj Capital

 BUY   Al Yamamah Steel Industries (TADAWUL: 1304)

TADAWUL: 1304 : Al Yamamah Steel Industries - STOCK RECOMMENDATION

Idea BUY
Buy Range 33.5 – 34
Target 36.5 – 37
StopLoss* below 32
Duration 12-14 Trading Days
Potential Returns 7 – 9%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 33.5 – 34 36.5 – 37 below 32 12-14 Trading Days 7 – 9%

* Once the first target hit, reset the StopLoss at your buying price.

TADAWUL: 1304 : Al Yamamah Steel Industries - STOCK OVERVIEW

Al Yamamah Steel Industries Company CJSC (formerly Al Yamamah Steel Industries Co) is a joint stock company, is headquartered in Riyadh, Saudi Arabia.The company manufactures metal products for the construction, electrical, and telecommunication sectors.Their products include longitudinally welded steel tubes, decorative steel tubes, steel sheets cutters, packaging straps and clips, road blocks, reinforcing steel bars, wheelbarrows, corrugated steel sheets, hollow steel pieces, cold rolled steel sections, steel space frames, galvanized steel lighting poles, and other related products.The company operates through different business units: Tubes, Poles, Towers.

Stock Data
TADAWUL Code 1304
Sectoral Index Materials
52 Weeks High 34.55
52 Weeks Low 20.26

TADAWUL: 1304 : Al Yamamah Steel Industries - RELATIVE STRENGTH

Tadawul 1304-Al Yamamah Steel Industries Company-Relative Strength

Relative Performance - Last 1 Year

Al Yamamah Steel Industries —     TASI —

TADAWUL: 1304 : Al Yamamah Steel Industries - TECHNICAL ANALYSIS (DAILY)

Tadawul 1304 - Al Yamamah Steel Industries Daily Technical Analysis
TADAWUL: 1304 - Al Yamamah Steel Industries - Technical Analysis (Daily)
  • Price was trading in a broader range of 10 points from Oct’22 to Jan’24.
  • During this consolidation phase, price formed a Double Bottom pattern.
  • Volume was completely dried out during this consolidation period. But recently volume became very high as the price is getting close to the breakout zone.
  • After the breakout price made a high of 34.55.
  • With a short retracement price is moving upwards.
  • We will be seeing the price to achieve new heights in upcoming days.

TADAWUL: 1304 : Al Yamamah Steel Industries - ADX & DI

Tadawul 1304-Al Yamamah Steel Industries Company-ADX and DI
TADAWUL: 1304 - Al Yamamah Steel Industries - ADX & DI

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: 1304 : Al Yamamah Steel Industries - MA CROSS

Tadawul 1304-Al Yamamah Steel Industries Company-MA Cross
TADAWUL: 1304 - Al Yamamah Steel Industries - MA CROSS

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.

TADAWUL: 1304 : Al Yamamah Steel Industries - RSI

Tadawul 1304-Al Yamamah Steel Industries Company-RSI
TADAWUL: 1304 - Al Yamamah Steel Industries - RSI

The current RSI of the stock is 68.73, shows strength of buyers. RSI line is also in a uptrend, which is very positive signal.

CONCLUSION -TADAWUL: 1304 : Al Yamamah Steel Industries STOCK PRICE FORECAST

Based on our stock trading advice in Saudi Arabia, Al Yamamah Steel Industries stock price target will be SAR 36.5 – SAR 37 in the next 12-14 trading sessions.

TADAWUL: 1304: Al Yamamah Steel Industries - TRADINGVIEW POSITION UPDATE

اشتر اليمامة للحديد by NaranjCapital on TradingView.com

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MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable to enter/exit in the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other trading recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

Advisor / ANALYST SUMMARY

The stock trading advice is prepared by the Naranj Capital team under the guidance of Arijit Banerjee, CMT, CFTe. Arijit is a veteran trader and an active investor having in-depth knowledge of financial market research, advanced technical analysis, market cycle, algorithmic trading, and portfolio management. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the global authority of Technical Analysis and also has been honored as a Certified Financial Technician (CFTe) by the International Federation of Technical Analysts, USA.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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