Saudi Prime Trading Advice (C) | 22-Oct-2024 | Expected Gain 6%-8%

 BUY   Saudi Reinsurance Company (TADAWUL: 8200)

Tadawul 8200 : Saudi Reinsurance Company - STOCK RECOMMENDATION

Idea BUY
Buy Range 36 – 37
Target 39.2 – 40
StopLoss* below 34.8
Duration 12-14 Trading Days
Potential Returns 6% – 8%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 36 – 37 39.2 – 40 below 34.8 12-14 Trading Days 6% – 8%

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

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Tadawul 8200 : Saudi Reinsurance Company - STOCK OVERVIEW

Saudi Reinsurance Company offers a diverse range of reinsurance products across the Kingdom of Saudi Arabia, as well as in other regions including the Middle East, Africa, Asia, and globally. The company is structured into five key segments: Property and Casualty, Motor, Protection, Health, and Inherent Defects Insurance. Its product offerings encompass engineering, fire, marine, motor, general accident, specialty, whole account, aviation, energy, agriculture, political risk, term and credit life, health, and inherent defects insurance. Previously known as Saudi Re for Cooperative Reinsurance, the company was established in 2008 and is headquartered in Riyadh, Saudi Arabia.

Stock Data
TADAWUL Code 8200
Sectoral Index Insurance
52 Weeks High 41.25
52 Weeks Low 15.7

Tadawul 8200 : Saudi Reinsurance Company - RELATIVE STRENGTH

TADAWUL 8200-SAUDI RE-RELATIVE STRENGTH

Relative Performance - Last 1 Year

Saudi Reinsurance Company —     TASI —

Tadawul 8200 : Saudi Reinsurance Company - TECHNICAL ANALYSIS (DAILY)

TADAWUL 8200-SAUDI RE-DAILY TECHNICAL ANALYSIS
Tadawul 8200 : Saudi Reinsurance Company - Technical Analysis (Daily)
  • The stock price is on a strong upward trend, regularly making higher highs and higher lows.
  • Previously, it created a Rounding Bottom pattern, and after breaking out, it rose sharply.
  • After that, the price traded within a triangle pattern for a while before breaking out again.
  • This pushed the price to its highest point ever, close to the 41 level.
  • After reaching that level, the price encountered significant resistance, causing a pullback.
  • Right now, the price seems ready to rise again.

Tadawul 8200 : Saudi Reinsurance Company - RSI

TADAWUL 8200-SAUDI RE-RSI
Tadawul 8200 : Saudi Reinsurance Company - RSI
  • Current RSI of this stock is 59.35, which indicates the strength of buyers.

Tadawul 8200 : Saudi Reinsurance Company - MACD

TADAWUL 8200-SAUDI RE-MACD
Tadawul 8200 : Saudi Reinsurance Company - MACD
  • MACD line has just crossed the signal line from the below and a positive histogram chart is forming. This can be considered as a bullish signal.

Tadawul 8200 : Saudi Reinsurance Company - OBV

Tadawul 8200 : Saudi Reinsurance Company - OBV
  • The OBV line is moving in the same upward direction which means there is a positive sentiment in the market. Also the significant price up move accompanying with increasing OBV volume suggests strong buying pressure.

CONCLUSION - Tadawul 8200 : Saudi Reinsurance Company STOCK PRICE FORECAST

Based on our stock trading advice in Saudi Arabia, Saudi Reinsurance Company stock price target will be SAR 39.2 – SAR 40 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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