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The Tadawul All Share Index (TASI) recorded its third consecutive weekly gain, advancing by over 1.5% to close just below the 11,500 mark.
On the technical front, the immediate resistance zone is placed around 11,600–11,700, and a sustained move above this range could open the door for an upside towards the 12,000–12,100 region.
On the downside, as long as the index holds above the 11,000 support level, overall market sentiment is likely to remain positive.
However, in the near term, TASI is expected to move sideways, waiting for fresh cues to decide its next direction.
For short-term traders, it would be prudent to await a confirmed breakout above the resistance zone before initiating fresh long positions, as this would signal renewed bullish momentum in the market.
Arijit Banerjee CMT CFTe is a seasoned expert in the financial industry, boasting decades of experience in trading, investment, and wealth management. As the founder and chief strategist of Naranj Capital, he’s built a reputation for providing insightful research analysis to guide investment decisions.
Arijit’s credentials are impressive, holding both the Chartered Market Technician (CMT) and Certified Financial Technician (CFTe) designations. These certifications demonstrate his expertise in technical analysis and financial markets.
Through Naranj Capital, Arijit shares his market insights and research analysis, offering actionable advice for investors. His work is featured on platforms like TradingView, where he publishes detailed analysis and recommendations.
If you’re interested in learning more about Arijit’s work or Naranj Capital’s services, you can reach out to them directly through their website
