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Buy Etihad Atheeb Telecom | Tadawul 7040 | Naranj Capital

SHORT TERM STOCK TRADING ADVICE FOR SAUDI ARABIA

 BUY   Etihad Atheeb Telecom (TADAWUL: 7040)

Etihad Atheeb Telecom - STOCK RECOMMENDATION

IdeaBUY
Buy Range155 – 160
Target175 – 180
StopLoss*below 145
Duration14 – 15 Trading Days
Potential Returns13 – 16%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 155 – 160 175 – 180 below 145 14 – 15 Trading Days 13 – 16%

* Once the first target hit, reset the StopLoss at your buying price.

Etihad Atheeb Telecom - STOCK OVERVIEW

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.

Stock Data
TADAWUL Code 7040
Sectoral Index Telecommunication Services
52 Weeks High 165.6
52 Weeks Low 42.55

Etihad Atheeb Telecom - RELATIVE STRENGTH

Relative Performance_Saudi Etihad Atheeb Telecom vs TASI

Relative Performance - Last 1 Year

Etihad Atheeb Telecom —     TASI —

Etihad Atheeb Telecom - TECHNICAL ANALYSIS (WEEKLY)

Etihad Atheeb Telecom - Technical Analysis (Weekly)
  • Looking at the Etihad Atheeb Telecom’s historical stock price, the stock had seen a spectacular fall from the high of around 900 SAR (2010).
  • The stock was recovered afterwards sharply and witnessed a strong rally in recent times, rallying from 37 riyals to 161.8 riyals. A whopping 335% gain in just one year.
  • After a consistent uptrend in the last one year, the stock price had reached the resistance, which corresponds to earlier highs, thereby making it a strong resistance.
  • Overall Etihad Atheeb Telecom trend and the broader pattern are bullish, and the long awaited expected breakout will give us the confidence to enter in the stock.

Etihad Atheeb Telecom - TECHNICAL ANALYSIS (DAILY)

Tadawul 7040 Ethiaad Atheeb Telecom - Daily Trading chart Analysis
Etihad Atheeb Telecom - Technical Analysis (Daily)
  • As seen in the Etihad Atheeb Telecom chart analysis, the stock has formed rounding button which is identified by a series of price movements that graphically form the shape of a “U”.
  • A stock usually goes down during the initial part of the Rounding Bottom due to more supply compared to demand. Once buyers enter the market at a lower price, it increases demand for the stock, and the uptrend is started. After the Rounding Bottom is complete, the stock breaks out and continues in its new upward trend.
Tadawul 7040 Ethiaad Atheeb Telecommunication - Technical Indiacator ADX
Etihad Atheeb Telecom - +ADX, +DI, -DI (Daily)
  • Increasing ADX values above 20, indicates continuation of trend strength, thereby uptrending ADX confirms the bullish or bearish supporting decision. Along with the rising ADX, and the +DI is above (or crossing) -DI indicating the long trades should be favored.
Tadawul 7040 Ethiaad Atheeb Telecommunication Trading chart - Moving Average
Etihad Atheeb Telecom - Moving Average Crossover (Daily)
  • 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.
Tadawul 7040 Ethiaad Atheeb Telecommunication Trading chart - On Balance Volume
Etihad Atheeb Telecom - On Balance Volume (Daily)
  • 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.

CONCLUSION - Etihad Atheeb Telecom STOCK PRICE FORECAST

Based on our short term stock trading advice in Saudi Arabia, Etihad Atheeb Telecom share price target will be SAR 175 – SAR 180 in the next 12-14 trading sessions.

Etihad Atheeb Telecom - TRADINGVIEW POSITION UPDATE

ุงุดุชุฑ ุนุฐูŠุจ ู„ู„ุฅุชุตุงู„ุงุช by NaranjCapital on TradingView.com

ุงุดุชุฑ ุนุฐูŠุจ ู„ู„ุฅุชุตุงู„ุงุช by NaranjCapital on TradingView.com

Follow Etihad Atheeb Telecom TRADING ADVICE On Social Media

MONEY MANAGEMENT AND TRADING RULES

1)ย  Itโ€™s advisable to enter/exit in the recommended range.
2)ย  Strictly follow the StopLoss as mentioned. Honour it.
3) ย Use trailing StopLoss to retain profits.
4)ย  Diversify trading capital into our other trading recommendations.
5)ย  Risk only the money what you can afford to lose. Hedge accordingly.

Advisor / ANALYST SUMMARY

The stock trading advice is prepared by the Naranj Capital team under the guidance ofย Arijit Banerjee, CMT, CFTe. Arijit is a veteran trader and an active investor having in-depth knowledge of financial market research, advanced technical analysis, market cycle, algorithmic trading, and portfolio management. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the global authority of Technical Analysis and also has been honored as aย Certified Financial Technician (CFTe)ย by the International Federation of Technical Analysts, USA.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is 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. To read the full disclosure, please click here.

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Pricing

Pricing (in SAR)

  • 15 advice         SAR 1500               --             SAR 1500
  • 45 advice         SAR 4500        20% OFF       SAR 3600
  • 90 advice         SAR 9000        33% OFF       SAR 6000
  • 180 advice     SAR 18000       50% OFF       SAR 9000
  • 15 advice                            SAR 1500
            --        
  • 45 advice      SAR 4500     SAR 3600
     20% OFF 
  • 90 advice      SAR 9000     SAR 5850
     35% OFF 
  • 180 advice   SAR 18000   SAR 9000
     50% OFF 
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