Breaking Records: Saudi TASI Soars to New Heights in 2024

TASI-Daily Technical Analysis
TASI - Technical Analysis (Daily)

Congratulations to the Naranj Capital Research Analysis Team, led by experienced trader Mr. Arijit Banerjee, CMT (USA), CFTe (USA), for their remarkable accuracy once again. Within just one month, TASI (Tadawul All Share Index) experienced a significant 5% increase, aligning perfectly with our previous blog post – TASI 2023 RECAP and a GLIMPSE into 2024, published on January 23, 2024. This impressive performance demonstrates the team’s expertise and reinforces their credibility in analyzing the Saudi Arabian stock market (Tadawul). The TASI’s upward trajectory signifies promising opportunities for traders in Tadawul.


TASI-Weekly Technical Analysis
TASI - Technical Analysis (Weekly)

In the downtrend journey, TASI has formed a Inverted Head and Shoulder pattern, which is considered as a bullish signal. After the breakout, price is making Higher Highs and Lows. This week’s candle closed above last week’s candle’s body, indicates bulls have the momentum with them.


TASI-Monthly Technical Analysis
TASI - Technical Analysis (Weekly)

In the monthly chart, we can see the formation of a Bullish Pole & Flag pattern with a combination of Double Bottom pattern. These two Bullish patterns define the strength of the buyers at the moment. This month’s candle is trying to close above the previous month’s. We can expect the price to reach at its immediate resistance level shortly.


Saudi Arabia’s benchmark Tadawul All Share Index (TASI) closed 0.2%, or 60 points, higher at 12,634 points on 21 Feb, recording the highest close since August 2022.

Total turnover reached nearly SAR 8.6 billion.

Based on the available data, the benchmark continued to rise for the 15th straight session, recording the most extended series of gains in its history. Total gains reached about 840 points.


تحطيم الأرقام القياسية: مؤشر TASI السعودي يرتفع إلى آفاق جديدة ف by NaranjCapital on

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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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