Tadawul 2300 : Saudi Paper Manufacturing vs TASI - Relative Strength Comparison

Tadawul 2300 : Saudi Paper Manufacturing - Technical Analysis (Daily)

• After a sharp rally, price had gone through a deep consolidation phase from Sept’23 to Dec’23. Bulls were restoring their strength for the next move.
• Volume was decreasing in this consolidation phase.
• In this time, price has formed a Cup & Handle pattern, which is a trend continuation pattern.
• After the breakout, price has made a rally and formed a bullish chart pattern, which is Rising Wedge pattern.
• With a strong breakout, price has given a sharp upside rally and reached to 81 level.
• Currently the price is trading at All Time High and expected to go further upside.

Tadawul 2300 : Saudi Paper Manufacturing - RSI Indicator

• Current RSI of this stock is 61.37, which indicates the strength of buyers.

Tadawul 2300 : Saudi Paper Manufacturing - 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 2300 : Saudi Paper Manufacturing - 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 2300 : Saudi Paper Manufacturing Stock Price Forcast

Based on our Saudi stocks trading calls, Saudi Paper Manufacturing stock price target will be SAR 86 - SAR 87 in the next 12-14 trading sessions.