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Prime Trading Advice (D) | Expected Gain 8-9% | Naranj Capital

SHORT TERM TRADING ADVICE IN SAUDI ARABIA

 BUY   Saudi Paper Manufacturing (TADAWUL: 2300)

Tadawul 2300 : Saudi Paper Manufacturing - STOCK RECOMMENDATION

Idea BUY
Buy Range 70 – 71.5
Target 77 – 78
StopLoss* below 65
Duration 12-14 Trading Days
Potential Returns 8 – 9%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 70 – 71.5 77 – 78 below 65 12-14 Trading Days 8 – 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 and Social Media. Be assured such records are permanent and irreversible.

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Tadawul 2300 : Saudi Paper Manufacturing - STOCK OVERVIEW

Saudi Paper Manufacturing engages in the manufacture of tissue paper rolls, conversion of tissue paper rolls into facial, kitchen, and toilet tissue papers; and collection, sorting, transport, and press of waste papers. In addition, SPMC saves the environment and benefits the community through its interest in paper recycling and reducing its reliance on virgin pulp which is manufactured through the consumption of forest trees. The company was founded on November 13, 1989 and is headquartered in Dammam, Saudi Arabia.

Stock Data
TADAWUL Code 2300
Sectoral Index Materials
52 Weeks High 74.2
52 Weeks Low 26.8

Tadawul 2300 : Saudi Paper Manufacturing - RELATIVE STRENGTH

Relative Performance - Last 1 Year

Saudi Paper Manufacturing —     TASI —

Tadawul 2300 : Saudi Paper Manufacturing - TECHNICAL ANALYSIS (DAILY)

Saudi Paper Manufacturing - Technical Analysis (Weekly)
  • After a sharp rally, price had gone through a deep consolidation phase from Septโ€™23 to Decโ€™23. Bulls were restoring their strength for the next move.
  • Volume was decreasing in this consolidation phase.
  • In this time, price has formed a Cup & Handle pattern, which is a trend continuation pattern.
  • After the breakout, price has made a rally and formed a bullish chart pattern, which is Rising Wedge pattern.
  • With a strong breakout, price has given a sharp upside rally and reached to 74 level.
  • Currently the price is trading near the recent high and expected to go further upside.

Tadawul 2300 : Saudi Paper Manufacturing - TECHNICAL INDICATORS (MA CROSS)

Saudi Paper Manufacturing - Technical Analysis (MA Cross)

  • The short length moving average (10 SMA) has crossed the long length moving average (20 SMA) 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.

Tadawul 2300 : Saudi Paper Manufacturing - TECHNICAL ANALYSIS (RSI)

Saudi Paper Manufacturing - Technical Analysis (RSI)

  • Current RSI of this stock is 75.46, which indicates the strength of buyers.

Tadawul 2300 : Saudi Paper Manufacturing - TECHNICAL ANALYSIS (ADX AND DIRECTIONAL INDICATORS)

Saudi Paper Manufacturing - Technical Analysis (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.

CONCLUSION - Tadawul 2300 : Saudi Paper Manufacturing STOCK PRICE FORECAST

Based on our stock trading advice in Saudi Arabia, Saudi Paper Manufacturing stock price target will be SAR 77 – SAR 78 in the next 12-14 trading sessions.

Tadawul 2300 : Saudi Paper Manufacturing - TRADINGVIEW POSITION UPDATE

ุงุดุชุฑ ุตู†ุงุนุฉ ุงู„ูˆุฑู‚ by NaranjCapital on TradingView.com

Follow Tadawul 2300 : Saudi Paper Manufacturing TRADING ADVICE On Social Media

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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