Saudi Prime Trading Advice (B) | 09-Sep-2024 | Expected Gain 7%-9%

 BUY   Middle East Specialized Cables (TADAWUL: 2370)

Tadawul 2370 : Middle East Specialized Cables - STOCK RECOMMENDATION

Idea BUY
Buy Range 37.2 – 38.2
Target 40.5 – 41.5
StopLoss* below 36
Duration 12-14 Trading Days
Potential Returns 7% – 9%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 37.2 – 38.2 40.5 – 41.5 below 36 12-14 Trading Days 7% – 9%

* 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 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 39.9
52 Weeks Low 14.46

Tadawul 2370 : Middle East Specialized Cables - RELATIVE STRENGTH

Tadawul 2370-MESC-Relative Strength

Relative Performance - Last 1 Year

Middle East Specialized Cables —     TASI —

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

Tadawul 2370-MESC-Daily Technical Analysis
Tadawul 2370 : Middle East Specialized Cables - Technical Analysis (Daily)
  • Analyzing the daily chart indicates that the stock is currently experiencing an upward trend.
  • Earlier, the price established a Rounding Bottom pattern, and following the breakout, it surged initially before pulling back to the breakout level for a retest.
  • Subsequently, the stock price began to rise once more and is now navigating through a rising parallel channel.
  • There is a strong expectation that the price will break through this channel, paving the way for further upward movement.

Tadawul 2370 : Middle East Specialized Cables - RSI

Tadawul 2370 : Middle East Specialized Cables - RSI
  • Current RSI of this stock is 67.58, which indicates the strength of buyers.

Tadawul 2370 : Middle East Specialized Cables - MACD

Tadawul 2370 : Middle East Specialized Cables - MACD
  • MACD line has crossed the signal line from the below, generates bullish signal.

Tadawul 2370 : Middle East Specialized Cables - EMA CROSS

Tadawul 2370-MESC-EMA Cross
Tadawul 2370 : Middle East Specialized Cables - 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 2370 : Middle East Specialized Cables STOCK PRICE FORECAST

Based on our stock trading advice in Saudi Arabia, Middle East Specialized Cables stock price target will be SAR 40.5 – SAR 41.5 in the next 12-14 trading sessions.

Tadawul 2370 : Middle East Specialized Cables - 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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