Saudi Prime Trading Advice (A) | 09-Sep-2024 | Expected Gain 11%-15%

 BUY   Red Sea International (TADAWUL: 4230)

Tadawul 4230 : Red Sea International - STOCK RECOMMENDATION

Idea BUY
Buy Range 44.5 – 47
Target 52 – 54
StopLoss* below 41.5
Duration 12-14 Trading Days
Potential Returns 11% – 15%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 44.5 – 47 52 – 54 below 41.5 12-14 Trading Days 11% – 15%

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

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Tadawul 4230 : Red Sea International - STOCK OVERVIEW

Red Sea International Company, based in Riyadh, Saudi Arabia, specializes in modular building solutions across Saudi Arabia, the UAE, and globally. They develop, construct, sell, and lease residential and commercial properties, including temporary and semi-permanent industrial buildings like workforce accommodations, offices, and hospitals. The company also provides housing solutions for both private and public sectors, along with building materials, general contracting, maintenance, and utility construction services. Established in 1967, Red Sea International serves various sectors, including oil and gas, infrastructure, and defense, and is a subsidiary of Al Dabbagh Group Holding Company Limited.

Stock Data
TADAWUL Code 4230
Sectoral Index Real Estate Management
52 Weeks High 49.6
52 Weeks Low 19.9

Tadawul 4230 : Red Sea International - RELATIVE STRENGTH

Tadawul 4230-Red Sea-Relative Strength

Relative Performance - Last 1 Year

Red Sea International —     TASI —

Tadawul 4230 : Red Sea International - TECHNICAL ANALYSIS (DAILY)

Tadawul 4230-Red Sea-Daily Technical Analysis
Tadawul 4230 : Red Sea International - Technical Analysis (Daily)
  • After experiencing a notable drop, the stock has now entered an extended period of consolidation.
  • During this phase, an Inverted Head & Shoulders pattern has emerged, suggesting a potential trend reversal.
  • Currently, the price is trending upward, bolstered by a robust breakout and a significant increase in trading volume.

Tadawul 4230 : Red Sea International - RSI

Tadawul 4230-Red Sea-RSI
Tadawul 4230 : Red Sea International - RSI
  • Current RSI of this stock is 76.05, which indicates the strength of buyers.

Tadawul 4230 : Red Sea International - ADX & DI

Tadawul 4230 : Red Sea International - ADX & DI
  • Increasing ADX value above 20, indicated the strength of the trend, thereby uptrending ADX confirms the bullish or bearish supportive decisions. Along with the rising ADX, and the +DI is above (or crossing) -DI, indicates the long trades should be favoured.

Tadawul 4230 : Red Sea International - EMA CROSS

Tadawul 4230-Red Sea-RSI
Tadawul 4230 : Red Sea International - EMA Cross
  • The short length exponential moving average (10 EMA) has crossed the long length exponential moving average (20 EMA) from the below, generates bullish signal. Last dayโ€™s candle has closed above all these moving averages. This suggests buyers are taking interest in this stock.

CONCLUSION - Tadawul 4230 : Red Sea International STOCK PRICE FORECAST

Based on our stock trading advice in Saudi Arabia, Red Sea International stock price target will be SAR 52 – SAR 54 in the next 12-14 trading sessions.

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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