Abu Dhabi Securities Exchange Index Turns Bullish: Top Stock to Capitalize

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FTSE ADX GENERAL INDEX: TECHNICAL ANALYSIS

FADGI - WEEKLY TECHNICAL ANALYSIS

Breakout Alert

  • The FTSE ADX General Index has broken out of its Falling Wedge pattern, paving the way for further upside movement.

Key Resistance Level Ahead

  • A crucial resistance zone is expected between 9,900 and 10,000. A breakout above this level could trigger a sharp rally.

Top Stocks to Watch

As market sentiment shifts towards the positive, numerous stocks have emerged as key candidates to watch, offering promising opportunities for potential profits.

1. First Abu Dhabi Bank (FAB)

  • After a sharp decline from its peak, the stock has entered a lengthy consolidation phase and formed a Rectangle pattern.
  • A breakout is expected soon, which may drive the price to upper levels.

2. Abu Dhabi Commercial Bank (ADCB)

  • The stock previously consolidated for a prolonged period and developed a Rounding Bottom pattern.
  • After the breakout, the price gained momentum and is currently trading at an all-time high, with expectations of further upmove.

3. Abu Dhabi Islamic Bank (ADIB)

  • This stock is in a strong uptrend, having formed multiple bullish chart patterns.
  • The price recently broke out from an ascending parallel channel and is trading at its all-time high, with further upside anticipated.

4. Sharjah Islamic Bank (SIB)

SIB - WEEKLY TECHNICAL ANALYSIS
  • After a deep consolidation phase, the stock has developed a Rounding Bottom pattern.
  • With a recent breakout, the price is currently trading just shy of its all-time high and is expected to exceed this level soon.

Tadawul 1010: Riyad Bank - TRADINGVIEW POSITION UPDATE

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable to enter/exit in the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other trading recommendations.
5)  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 of 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 a Certified Financial Technician (CFTe) 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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