Saudi Prime Trading Advice (B) | 19-Aug-2024 | Expected Gain 10%-11%

 BUY   CHUBB Arabia Cooperative Insurance (TADAWUL: 8240)

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - STOCK RECOMMENDATION

Idea BUY
Buy Range 33 – 35
Target 38 – 39
StopLoss* below 30.5
Duration 12-14 Trading Days
Potential Returns 10% – 11%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 33 – 35 38 – 39 below 30.5 12-14 Trading Days 10% – 11%

* 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 8240 : CHUBB Arabia Cooperative Insurance - STOCK OVERVIEW

Emaar The Economic City is actively involved in the real estate development sector within various economic zones across Saudi Arabia. The company focuses primarily on the King Abdullah Economic City, where it undertakes a range of projects. Its activities include building infrastructure, marketing and selling land in development areas, leasing land, and constructing residential and commercial properties for other entities. Additionally, Emaar The Economic City manages the sale and lease of land and units for both residential and commercial use. The company also operates educational institutions, hotels, resorts, and leisure clubs, along with providing utilities and city management services. Established in 2006, Emaar The Economic City is headquartered in King Abdullah Economic City, Saudi Arabia.

Stock Data
TADAWUL Code 8240
Sectoral Index Insurance
52 Weeks High 44.2
52 Weeks Low 17.84

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - RELATIVE STRENGTH

Tadawul 8240-Chubb Arabia Cooperative Insurance-Relative Strength

Relative Performance - Last 1 Year

CHUBB Arabia Cooperative Insurance —     TASI —

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - TECHNICAL ANALYSIS (DAILY)

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - Technical Analysis (Daily)
  • The price previously consolidated and created a Rounding Bottom pattern.
  • After breaking out, the stock price soared to the 39 level, where it faced resistance.
  • Consequently, the price declined, then consolidated once more, forming another Rounding Bottom pattern.
  • Following the next breakout, the price climbed to an all-time high close to the 44 level, encountering resistance multiple times, which resulted in the formation of a Double Bottom pattern.
  • This resulted in yet another drop, causing the price to plummet directly to the 24 level.
  • From that point, the stock price rebounded and recently broke through the trendline resistance, bolstered by significant trading volume.
  • It is anticipated that this upward movement will persist.

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - RSI

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - RSI
  • Current RSI of this stock is 66.30, which indicates the strength of buyers.

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - MACD

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - MACD
  • MACD line has just crossed the signal line from the below, generates bullish signal.

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - EMA Cross

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - 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 8240 : CHUBB Arabia Cooperative Insurance STOCK PRICE FORECAST

Based on our stock trading advice in Saudi Arabia, CHUBB Arabia Cooperative Insurance stock price target will be SAR 38 – SAR 39 in the next 12-14 trading sessions.

Tadawul 8240 : CHUBB Arabia Cooperative Insurance - 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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