Tadawul 2360 : Saudi Vitrified Clay Pipes vs TASI - Relative Strength Comparison

Tadawul 2360 : Saudi Vitrified Clay Pipes - Technical Analysis (Daily)

• Previously the price was in an uptrend and has formed Symmetrical Triangle pattern.
• After the breakout of the Symmetrical Triangle pattern, price reached to 52 level.
• From there we have witnessed a huge downfall which had brought the price down to 39 level.
• Volume was completely dried out during this downfall journey.
• After taking support at 39 level, price started moving upside and making Higher Highs and Lows and reached to 39 level which was the previous resistance zone for the price.
• As expected, a correction has been seen again.
• But this time the price couldn’t go below 49 level, which indicated that the buyers were strong at that moment.
• After a short period of consolidation, price finally managed to breakout the resistance level with a huge volume.
• We can expect further upmove if the price sustains above the current level.

Tadawul 2360 : Saudi Vitrified Clay Pipes - RSI Indicator

• Current RSI of this stock is 66.67, which indicates the strength of buyers.

Tadawul 2360 : Saudi Vitrified Clay Pipes - 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 2360 : Saudi Vitrified Clay Pipes - 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 2360 : Saudi Vitrified Clay Pipes Stock Price Forcast

Based on our trading tips for Saudi Tadawul stocks, Saudi Vitrified Clay stock price target will be SAR 59 - SAR 60 in the next 14-15 trading sessions.