TASI 2023 Recap and a Glimpse into 2024 | Naranj Capital

Saudi Tadawul_All Share Index_TASI

Tadawul - All share index - Tasi - TECHNICAL ANALYSIS

1. In the day chart we are witnessing that the TASI index has formed a head and shoulder pattern from April 2023 – September 2023 and a neckline breakout marks the end of the H&S pattern. A downside breakout is obvious after the Head and Shoulder pattern completion.

2. At the end of H&S pattern we noticed a big red candle closed at 50% into the body of the previous green candle. This is a trend reversal sign known as Dark Cloud candlesticks.

3. Since the August 2023 a sharp down trend consist with mostly the red candles. It signifies strong bearish momentum. Tasi had fallen from 11933 to 10262, nearly 1670 points correction was seen.

4. We noticed the bullish flag pattern started formation since mid Nov 2023, where two parallel trendlines preceded by a flag pole which clearly indicates strong bull’s presence in the index.

5. Dec 2023 onwards TASI started moving straight upward after flag pattern breakout and again forming a bullish flag pattern. Such back to back flag pattern breakouts give prominent indication of long bullish run to be continue.

Happy Trading!
Cheers to the bull run!

Tadawul - All share index - Tasi -TRADINGVIEW POSITION UPDATE

المؤشر الرئيسي يرتفع 24% خلال عام! فك رموز توقعاتها في عام 2024 by NaranjCapital on TradingView.com

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1)  It’s advisable to enter/exit in the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other trading recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.


The stock trading advice is prepared by the Naranj Capital team under the guidance of 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 a Certified Financial Technician (CFTe) by the International Federation of Technical Analysts, USA.


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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