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Technical Triumph: ARDCO, ELM, YANSAB Break Out with Distinct Patterns

  • ARDCO (Tadawul 4150)

    • An Inverted Head & Shoulders pattern was established earlier, and after the breakout, the price ascended to the 26 level, where it encountered considerable resistance.
    • This rejection resulted in a decline in the stock price, leading to a subsequent consolidation phase.
    • This consolidation has evolved into a Cup & Handle pattern, and following a recent breakout, the price is currently trending upward.

  • ELM CO. (Tadawul 7203)

    • Previously, the stock price exhibited a Rounding Bottom pattern, and following a breakout, it achieved an all-time high of SAR 1125.
    • However, the price encountered significant resistance at this level, led to a consolidation phase, during which it formed another Rounding Bottom pattern.
    • With a recent breakout, the price is now attempting to sustain an upward trajectory.

  • YANSAB (Tadawul 2290)

    • The stock price has been fluctuating within a limited range of 31.5 to 41.5, resulted in the formation of a Rectangle pattern.
    • Recently, a breakout occurred, supported by robust trading volume, indicating that the price is poised for an upward movement.
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    Details of Arijit Banerjee

    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.

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