Saudi Prime Trading Advice (A) | 19-Aug-2024 | Expected Gain 7%-8%

 BUY   Riyadh Cables Group (TADAWUL: 4142)

Tadawul 4142 : Riyadh Cables Group - STOCK RECOMMENDATION

Idea BUY
Buy Range 102 – 105.5
Target 112 – 114
StopLoss* below 98
Duration 12-14 Trading Days
Potential Returns 7% – 8%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 102 – 105.5 112 – 114 below 98 12-14 Trading Days 7% – 8%

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

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Tadawul 4142 : Riyadh Cables Group - STOCK OVERVIEW

Riyadh Cables Group Co. specializes in the manufacturing, promotion, and distribution of various types of cables. The company is divided into several segments: Cables and Wires, High Voltage Cables, and Other. The Cables and Wires segment focuses on electrical cables, while the High Voltage Cables segment is dedicated to completed projects. Additionally, the Other segment provides telephone cables and related services. Established on January 18, 1984, the company is based in Riyadh, Saudi Arabia.

Stock Data
TADAWUL Code 4142
Sectoral Index Capital Goods
52 Weeks High 122
52 Weeks Low 65.9

Tadawul 4142 : Riyadh Cables Group - RELATIVE STRENGTH

Tadawul 4142-Riyadh Cables Group-Relative Strength

Relative Performance - Last 1 Year

Riyadh Cables Group —     TASI —

Tadawul 4142 : Riyadh Cables Group - TECHNICAL ANALYSIS (DAILY)

Tadawul 4142-Riyadh Cables Group-Daily Technical Analysis
Tadawul 4142 : Riyadh Cables Group - Technical Analysis (Daily)
  • The stock price has experienced a significant surge after breaking out of the Ascending Triangle pattern.
  • After reaching an all-time high, the price underwent a correction and then entered a short period of consolidation within a box pattern.
  • Recently, with a rise in trading volume, the price has successfully surpassed its trendline resistance and is moving towards new heights.

Tadawul 4142 : Riyadh Cables Group - RSI

Tadawul 4142 : Riyadh Cables Group - RSI
  • Current RSI of this stock is 62.03, which indicates the strength of buyers.

Tadawul 4142 : Riyadh Cables Group - MACD

Tadawul 4142 : Riyadh Cables Group - MACD
  • MACD line has just crossed the signal line from the below, generates bullish signal.

Tadawul 4142 : Riyadh Cables Group - EMA Cross

Tadawul 4142 : Riyadh Cables Group - EMA Cross
  • The short length exponential moving average (10 EMA) has just 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 4142 : Riyadh Cables Group STOCK PRICE FORECAST

Based on our stock trading advice in Saudi Arabia, Riyadh Cables Group stock price target will be SAR 112 – SAR 114 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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