- Naranj Research Desk
- 🇸🇦 Saudi Stock Market
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Etihad Atheeb Telecom, also known as GO Telecom, is a Saudi Arabian telecommunications company that provides fixed services including voice, broadband services and voice over IP services in the Kingdom of Saudi Arabia. It has a WiMAX network covering over 20 areas and a fiber-optic network for businesses and industries. The company was established in 2008 as a Saudi joint stock company, and its major shareholders include Atheeb Trading Company, Batelco, Al-Nahla Trading Company, and Traco Trading Ltd Co. Other founding shareholders include Saudi Internet Ltd, Atheeb Ltd. for Computer and Communication, and Atheeb Maintenance and Service.
Etihad Atheeb Telecom was one of ten applicants to bid for a public fixed services license on March 10, 2007, and the Communications and Information Technology Commission (CITC) approved the list of eligible applicants for fixed services licenses on April 15, 2007, which included Etihad Atheeb Telecom and two other operators.
Following the license announcement, Etihad Atheeb Telecom acquired a 3.5 GHz frequency spectrum covering thirteen regional divisions across Kingdom of Saudi Arabia valued at over 500 million riyals (US$138 million). In January 2009, Etihad Atheeb Telecom announced an IPO of 30% of the company’s shares with a total value of 300 million riyals, at a price of 10 riyals per share. Etihad Atheeb Telecom is headquartered in Riyadh and has a strong financial solvency.
GO TELECOM — TASI —
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.
The current stock price moves above its moving average. This often suggests that the stock’s momentum is starting to move upward, indicating a potential buying opportunity.
As seen in the Etihad Atheeb Telecom chart analysis, the OBV is trading above the 15 days MA of it’s on balance volume. Buying pressure is visible as the positive volume exceeds negative volume, and the OBV line rising upwards.
Based on our trading tips for Saudi stocks, Etihad Atheeb Telecom stock price target will be SAR 175 - SAR 180 in the next 12-14 trading sessions.
MONEY MANAGEMENT AND TRADING RULES
● Buy within the recommended price range.
● No need to rush. The recommendation remains valid for up to 7 days, not just at the market open.
● Always respect the stop-loss. It defines your risk on the trade.
● Once the trade moves in your favour, use a trailing stop-loss to protect and lock in profits.
● Spread your trading capital across our other recommended stocks instead of putting it all into one trade.
● Invest responsibly. Your ideal position size should be based on the downside risk of this trade, not the potential upside. Before entering, assess how much loss you can comfortably and financially absorb if it goes against you, and set your position size accordingly. Hedge positions where appropriate.
ANALYST SUMMARY
This research is prepared by the Naranj Capital research team under the guidance of Arijit Banerjee, CMT, CFTe, Founder and Director of Naranj Capital. Stock selection and all trade levels, including the buy range, targets and stop-loss, are personally finalised by him.
Arijit is a veteran trader and active investor with over 16 years of experience across global markets. He has in-depth expertise in financial market research, advanced technical analysis, market cycles, algorithmic trading and portfolio management. He is a Chartered Market Technician (CMT), accredited by the CMT Association, USA, the leading global authority on technical analysis. He also holds the Certified Financial Technician (CFTe) designation from the International Federation of Technical Analysts (IFTA).
The views expressed herein are based on publicly available information, internal research and other sources believed to be reliable, but not necessarily all-inclusive and not guaranteed as to accuracy. The recommendations provided herein are 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. Past performance is not indicative of future results. To read the full disclosure, please click here.
