Saudi Prime Trading Advice (A) | 15-Jul-2024 | Expected Gain 6%-7%

 BUY   Saudi Arabian Mining (TADAWUL: 1211)

Tadawul 1211 : Saudi Arabian Mining - STOCK RECOMMENDATION

Idea BUY
Buy Range 43 – 44
Target 46 – 47
StopLoss* below 40.5
Duration 10-12 Trading Days
Potential Returns 6% – 7%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 43 – 44 46 – 47 below 40.5 10-12 Trading Days 6% – 7%

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

Our recommendations are authentic and transparent. Find this recommendation posted in Tradingview. Be assured such records are permanent and irreversible.

Tadawul 1211 : Saudi Arabian Mining - STOCK OVERVIEW

Ma’aden, a mining and metals company based in the Kingdom of Saudi Arabia, along with its subsidiaries, operates in various regions globally including the Indian Subcontinent, Japan, the United States, Europe, Australia, Brazil, Africa, and the GCC. The company has distinct strategic business units such as Phosphate, Aluminium, Base Metals and New Minerals, as well as additional segments. Its primary mining activities involve gold, phosphate rock, bauxite, kaolin, and magnesite, along with the extraction of copper, zinc, and silver concentrates. The company primarily owns stakes in the Mansourah-Massarah, Mahd Ad-Dahab, Bulghah, Al-Amar, Sukhaybarat, As Suq, Ad Duwayhi, Al-Jalamid, Al-Khabra, Az Zabirah, Al-Ghazallah, and Al-Ba’itha mines. It distributes phosphate fertilizers, ammonia, and industrial minerals, along with alumina, aluminum, and flat rolled products directly to customers and through marketing agents. Additionally, the company manufactures aluminum and T-shape ingots, slabs, sheets, and billets, caustic soda and EDC, as well as urea, phosphate, and potassium fertilizers. It also oversees and advances infrastructure projects. Saudi Arabian Mining Company (Ma’aden) is based in Riyadh, the Kingdom of Saudi Arabia.

Stock Data
TADAWUL Code 1211
Sectoral Index Materials
52 Weeks High 56.4
52 Weeks Low 35.4

Tadawul 1211 : Saudi Arabian Mining - RELATIVE STRENGTH

Tadawul 1211-Saudi Arabian Mining-Relative Strength

Relative Performance - Last 1 Year

Saudi Arabian Mining —     TASI —

Tadawul 1211 : Saudi Arabian Mining - TECHNICAL ANALYSIS (DAILY)

Tadawul 1211 : Saudi Arabian Mining - Technical Analysis (Daily)
  • The stock price was previously moving downwards within a parallel channel.
  • After forming an Inverted Head & Shoulder pattern, the price went through a period of consolidation.
  • After breaking out, the stock price changed direction, consolidated again, and formed a Rising Wedge pattern.
  • Following this pattern, the stock price broke out of the range and experienced a notable decrease.
  • Eventually, the stock found support and continued its upward trend.

Tadawul 1211 : Saudi Arabian Mining - MACD

Tadawul 1211 : Saudi Arabian Mining - MACD
  • MACD line has just crossed the signal line from the below, generates bullish signal.

Tadawul 1211 : Saudi Arabian Mining - EMA Cross

Tadawul 1211 : Saudi Arabian Mining - EMA Cross
  • The short length exponential moving average (10 EMA) is about to cross 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.

Tadawul 1211 : Saudi Arabian Mining - Bollinger Bands

Tadawul 1211-Saudi Arabian Mining-Bollinger Bands
Tadawul 1211 : Saudi Arabian Mining - Bollinger Bands
  • The Price bounced when it touched the lower band and moved higher.

CONCLUSION - Tadawul 1211 : Saudi Arabian Mining STOCK PRICE FORECAST

Based on our stock trading advice in Saudi Arabia, Saudi Arabian Mining stock price target will be SAR 46 – SAR 47 in the next 10-12 trading sessions.

Tadawul 1211 : Saudi Arabian Mining - TRADINGVIEW POSITION UPDATE

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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