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Tadawul Capital Goods Index – Price Action suggests Pole & Flag Breakout

    • The index surged to the 9360 level, marking a new all-time high after a strong uptrend.
    • After hitting the 9360 level, the index began to decline and underwent a correction.
    • Following a two-year consolidation phase from November 2021 to November 2023, the index formed an Inverted Head & Shoulder pattern, signaling a trend reversal.
    • Since breaking out of the pattern, the index has experienced a significant uptrend.
    • A brief retracement led to the formation of a Pole & Flag pattern, indicating the continuation of the uptrend.
    • It appears that the index has successfully sustained the breakout level and is poised to move even higher.
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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.

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