Prime Trading Advice (A) | Expected Gain 12-14% | Naranj Capital

 BUY   Riyadh Steel (TADAWUL: 9588)

Tadawul 9588 : Riyadh Steel - STOCK RECOMMENDATION

Idea BUY
Buy Range 34.5 – 36
Target 40 – 41
StopLoss* below 32
Duration 10-12 Trading Days
Potential Returns 12 – 14%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 34.5 – 36 40 – 41 below 32 10-12 Trading Days 12 – 14%

* 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 9588 : Riyadh Steel - STOCK OVERVIEW

Riyadh Steel Company engages in the manufacturing and sale of steel, including steel scrap. Their operations encompass all stages of production, from flat bars, angle bars, billets, spatulas, iron alloys, to processed scrap. The company boasts an extensive range of bar sizes, ranging from 30 mm to 100 mm, all of which are certified to meet the stringent ISO 9001:2015 standards. With a production capacity of 90,000 tons of bars, 150,000 tons of ingots, and 220,000 tons of processed scrap, Riyadh Steel Company stands as a leading player in the industry.

Stock Data
TADAWUL Code 9588
Sectoral Index Materials
52 Weeks High 44.4
52 Weeks Low 16.2

Tadawul 9588 : Riyadh Steel - RELATIVE STRENGTH

Tadawul 9588-Riyadh Steel-Relative Strength

Relative Performance - Last 1 Year

Riyadh Steel —     TASI —

Tadawul 9588 : Riyadh Steel - TECHNICAL ANALYSIS (DAILY)

Tadawul 9588 : Riyadh Steel - Technical Analysis (Weekly)
  • previously the price was going through a parallel channel in downwards.
  • After the breakout a huge upside rally has been seen.
  • After making a high at around 44.5 level, price has made a correction and came down straight at 30 level.
  • Recently a fresh breakout has been seen and with a descent volume price may go upside further.

Tadawul 9588 : Riyadh Steel - RSI

Tadawul 9588-Riyadh Steel-RSI
Tadawul 9588 : Riyadh Steel - RSI

Current RSI of this stock is 64.15, which indicates the strength of buyers.

Tadawul 9588 : Riyadh Steel - EMA CROSS

Tadawul 9588 : Riyadh Steel - EMA Cross

Last day’s candle has closed above all these moving averages. This suggests buyers are taking interest in this stock.

Tadawul 9588 : Riyadh Steel - ADX & DI

Tadawul 9588-Riyadh Steel-ADX & DI
Tadawul 9588 : Riyadh Steel - 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.


Based on our stock trading advice in Saudi Arabia, Riyad Steel stock price target will be SAR 40 – SAR 41 in the next 10-12 trading sessions.

Tadawul 9588 : Riyadh Steel - TRADINGVIEW POSITION UPDATE

Tadawul 9588 : Riyadh Steel TRADING ADVICE On Social Media


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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