Saudi Prime Trading Advice (B) | 02-Sep-2024 | Expected Gain 5%-6%

 BUY   Theeb Rent a Car (TADAWUL: 4261)

Tadawul 4261 : Theeb Rent a Car - STOCK RECOMMENDATION

Idea BUY
Buy Range 73 – 74.2
Target 78 – 78.5
StopLoss* below 70
Duration 12-14 Trading Days
Potential Returns 5% – 6%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 73 – 74.2 78 – 78.5 below 70 12-14 Trading Days 5% – 6%

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

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Tadawul 4261 : Theeb Rent a Car - STOCK OVERVIEW

Theeb, an automobile rental company established in 1991 and headquartered in Riyadh, Saudi Arabia, specializes in providing car rental and leasing services within the Kingdom. Their offerings include both short and long-term leasing options, as well as additional services such as roadside assistance and well-maintained, insured vehicle fleets. With 48 branches strategically located throughout the Kingdom, including international and regional airports, Theeb boasts an impressive fleet of approximately 19,000 vehicles. Additionally, the company also facilitates the sale of used vehicles.

Stock Data
TADAWUL Code 4261
Sectoral Index Transportation
52 Weeks High 78.4
52 Weeks Low 57.4

Tadawul 4261 : Theeb Rent a Car - RELATIVE STRENGTH

Tadawul 4261-Theeb Rent A Car-Relative Strength

Relative Performance - Last 1 Year

Theeb Rent a Car —     TASI —

Tadawul 4261 : Theeb Rent a Car - TECHNICAL ANALYSIS (DAILY)

Tadawul 4261-Theeb Rent A Car-Daily Technical Analysis
Tadawul 4261 : Theeb Rent a Car - Technical Analysis (Daily)
  • The price had earlier established a Double Top pattern, which was followed by a significant decline after the pattern broke down.
  • Eventually, it discovered support around the 58 level and created a Double Bottom pattern, accompanied by a brief consolidation phase.
  • After a breakout, the stock price soared but encountered a robust rejection near the 74 level.
  • As a result, the price retreated back to its support level.
  • However, with a rebound, the stock price recently overcame its trendline resistance.
  • If it can maintain its position above this breakout point, we may anticipate further upward movement.

Tadawul 4261 : Theeb Rent a Car - RSI

Tadawul 4261 : Theeb Rent a Car - RSI
  • Current RSI of this stock is 66.78, which indicates the strength of buyers.

Tadawul 4261 : Theeb Rent a Car - MACD

Tadawul 4261 : Theeb Rent a Car - MACD
  • MACD line has crossed the signal line from the below, generates bullish signal.

Tadawul 4261 : Theeb Rent a Car - EMA Cross

Tadawul 4261 : Theeb Rent a Car - 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 4261 : Theeb Rent a Car STOCK PRICE FORECAST

Based on our stock trading advice in Saudi Arabia, Theeb Rent a Car stock price target will be SAR 78 – SAR 78.5 in the next 12-14 trading sessions.

Tadawul 4261 : Theeb Rent a Car - 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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