Prime Trading Advice (A) | Expected Gain 9-10% | Naranj Capital

 BUY   Middle East Specialized Cables (TADAWUL: 2370)

Tadawul 2370 : Middle East Specialized Cables - STOCK RECOMMENDATION

Idea BUY
Buy Range 22.8 – 23.3
Target 24.8 – 25.2
StopLoss* below 22
Duration 12-14 Trading Days
Potential Returns 9 – 10%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 22.8 – 23.3 24.8 – 25.2 below 22 12-14 Trading Days 9 – 10%

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

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

Tadawul 2370 : Middle East Specialized Cables - STOCK OVERVIEW

Middle East Specialized Cables is a leading company in the cable manufacturing industry. Headquartered in Riyadh, they specialize in production and sale of high-quality cables for various applications. With an impressive range of products from flexible electric, coaxial, rubber and nylon coated wires and cables, telephone cables for internal extensions, computer cables, safety to, anti-fire wires and cables and control and transmission of information cables, they have established a strong presence in the market. Their commitment to quality and innovation has positioned them as a trusted provider of reliable and efficient cable solutions. Middle East Specialized Cables has managed to maintain a solid reputation in Saudi Arabia and UAE.

Stock Data
TADAWUL Code 2370
Sectoral Index Capital Goods
52 Weeks High 23.72
52 Weeks Low 9.58

Tadawul 2370 : Middle East Specialized Cables - RELATIVE STRENGTH

Relative Performance - Last 1 Year

Middle East Specialized Cables —     TASI —

Tadawul 2370 : Middle East Specialized Cables - TECHNICAL ANALYSIS (DAILY)

Tadawul 2370 - Middle East Specialized Cables Co.- Daily Technical Analysis
Tadawul 2370 - Middle East Specialized Cables -Technical Analysis (Daily)
  • Looking at the price chart we can see that the price took a rejection from around 19.5 level and from there a correction can be seen, which has brought the price down to the 14.5 level.

  • After that price gave a sharp rally and broke its previous resistance and moved further to reach 23 level which was also its 52-week High.

  • But from there price moved downwards and made a correction which can be considered healthy for the stock.

  • Then price took support exactly from previous resistance which is also a trendline support level and bounced back from there.

  • An amazing Bullish Pole and Flag chart pattern can be observed which is indicating that the price is getting ready for the upmove.

  • Now with a fresh breakout, supported by the volume price is trading at 52-week High. More upside move possible if the price can manage to sustain above the level.

Tadawul 2370 : Middle East Specialized Cables - RELATIVE STRENGTH INDEX

Middle East Specialized Cables - Technical Indicator RSI
Tadawul 2370 - Middle East Specialized Cables - Technical Indicator RSI
  • With an up trending RSI of value 71.10, buyers are showing their strength.

Tadawul 2370 : Middle East Specialized Cables - Moving Average Crossover

Tadawul 2370 - Middle East Specialized Cables - Moving Average Crossover
  • The short length moving average (10 SMA) has just crossed the long length moving average (20 SMA) from the below, generates a bullish signal.

CONCLUSION - Tadawul 2370 : Middle East Specialized Cables STOCK PRICE FORECAST

Based on our trading tips for Saudi Tadawul stocks, Tadawul 2370: Middle East Specialized Cables stock price target will be SAR 24.8 – SAR 25.2 in the next 12-14 trading sessions.

Tadawul 2370 : Middle East Specialized Cables - TRADINGVIEW POSITION UPDATE

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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.


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.


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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