Saudi Prime Trading Advice (D) | 19-Aug-2024 | Expected Gain 6%-7%

 BUY   ACWA POWER (TADAWUL: 2082)

Tadawul 2082 : ACWA POWER - STOCK RECOMMENDATION

Idea BUY
Buy Range 400 – 405
Target 430 – 435
StopLoss* below 385
Duration 14-15 Trading Days
Potential Returns 6% – 7%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 400 – 405 430 – 435 below 385 14-15 Trading Days 6% – 7%

* 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 2082 : ACWA POWER - STOCK OVERVIEW

ACWA Power Company, founded in 2004, is a Saudi Arabian company that invests, develops, and maintains power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia and internationally. The company also sells electricity, desalinated water, and green hydrogen, installs and maintains contracts, provides financial advisory, book-keeping, tax compliance, and reinsurance services, and generates renewable energy from photovoltaic, concentrated solar power, wind plants, and hydrogen sources. ACWA Power Company was formerly known as International Company for Water and Power Projects.

Stock Data
TADAWUL Code 2082
Sectoral Index Utilities
52 Weeks High 493.41
52 Weeks Low 177.64

Tadawul 2082 : ACWA POWER - RELATIVE STRENGTH

Tadawul 2082-ACWA Power-Relative Strength

Relative Performance - Last 1 Year

ACWA POWER —     TASI —

Tadawul 2082 : ACWA POWER - TECHNICAL ANALYSIS (DAILY)

Tadawul 2082-ACWA Power-Daily Technical Analysis
Tadawul 2082 : ACWA POWER - Technical Analysis (Daily)
  • The stock is experiencing a robust upward trend, consistently achieving higher highs and lows.
  • Throughout this upward trajectory, the stock price has developed several bullish patterns in succession.
  • Initially, a Symmetrical Triangle pattern formed, and following its breakout, the stock price soared before entering a consolidation period.
  • During this time, an Inverted Head & Shoulders pattern appeared, signaling the continuation of the upward movement.
  • Subsequently, a bullish Pole & Flag pattern emerged, propelling the price to an all-time high near the 493 mark after a breakout.
  • However, the stock encountered resistance, leading to a brief correction.
  • Afterward, the price attempted to rise again but struggled to break through its previous resistance, resulting in a decline.
  • In this phase, a Double Top pattern developed, indicating a bearish sentiment.
  • Despite this, the stock found support at the trendline and continued its ascent following the breakout of the Ascending Triangle pattern.

Tadawul 2082 : ACWA POWER - RSI

Tadawul 2082-ACWA Power-RSI
Tadawul 2082 : ACWA POWER - RSI
  • Current RSI of this stock is 62.64, which indicates the strength of buyers.

Tadawul 2082 : ACWA POWER - MACD

Tadawul 2082-ACWA Power-MACD
Tadawul 2082 : ACWA POWER - MACD
  • MACD line has just crossed the signal line from the below, generates bullish signal.

Tadawul 2082 : ACWA POWER - EMA Cross

Tadawul 2082 : ACWA POWER - 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 2082 : ACWA POWER STOCK PRICE FORECAST

Based on our stock trading advice in Saudi Arabia, ACWA POWER stock price target will be SAR 430 – SAR 435 in the next 14-15 trading sessions.

Tadawul 2082 : ACWA POWER - 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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