TASI is in Trouble: Will the Saudi Stock Market Keep Sliding?

In our previous blog Breaking Records: Saudi TASI Soars to New Heights in 2024, we explored the prosperous state of TASI in the Saudi Exchange. Since then, the Index was steadily approaching its all-time high, and on 24 March 2024, it successfully reached its pinnacle.

WhatsApp Alert on 25 March 2024 to Our Premium Group
WhatsApp Alert on 25 March 2024 to Our Premium Group

Our team of expert analysts closely monitored the soaring TASI, reaching unprecedented heights. With our keen market observations, we accurately predicted an imminent downturn in the Saudi Tadawul. On 25 March 2024, we promptly issued a red alert exclusively to our premium subscribers, advising them that the TASI had reached its peak and would not ascend any further.

Tadawul All Share Indices - TASI
TASI Dropped 500 Points, Declined -4% In A Week

🔻 Remarkably, right after our announcement, the TASI promptly embarked on a downward trajectory. In just one week, the Tadawul All Share Indices corrected itself by a substantial 500 points, equivalent to a 4% decline.

Today, we will delve into the forthcoming trends of the Saudi Stock Market Indices, including TASI, over the next few days.

TADAWUL Index - TASI, TBNI, TCPIC, TCSI, TDAI
TADAWUL Indices Analysis - TASI, TBNI, TCPIC, TCSI, TDAI

 1) TASI – Tadawul All Share Index
Price broke down the parallel channel and currently standing at the previous resistance level which will act as a immediate support level.

2) TBNI – Tadawul Bank Index
Price is moving in a range and currently standing at the support zone from where the price bounced before.

3) TCPIC – Tadawul Commercial & Professional Service Index
Price broke its trendline support and coming downwards.

4) TCSI – Tadawul Consumer Service Index
A huge selling pressure has been seen and price is continuously making lower lows.

 5) TDAI – Consumer Durables and Apparel Index

Price has formed a Rounding bottom pattern but couldn’t manage to sustain above the breakout zone and started falling downwards.

Tadawul Index - TMTI, TFSI, TFBI, THEI
TADAWUL Indices Analysis - TMTI, TFSI, TFBI, THEI

6) TMTI – Tadawul Materials Index
Price broke its trendline support. We are currently looking at a potential downfall in this index.

7) TFSI – Tadawul Food & Staples Retailing Index
Price has formed a Rounding Bottom pattern but couldn’t manage to breakout the neckline and falling downwards from the resistance level.

8) TFBI – Tadawul Food & Beverages Index
In a long period of consolidation, price has formed an Inverted Head and Shoulder pattern. After the breakout, price is currently consolidating at the breakout level.

9) THEI – Tadawul Healthcare Equipment & Service Index
Price is coming downwards after breaking the Symmetrical Triangle pattern in downside. 

TADAWUL Index - TUTI, TTNI, TENI, TRLI, TRMI, TPBI
TADAWUL Indices Analysis - TUTI, TTNI, TENI, TRLI, TRMI, TPBI

10) TUTI- Tadawul Utilities Index
After the breakdown of the support level, price has given a sharp fall.

11) TTNI- Tadawul Transportation Index
Price broke its trendline support and started falling.

12) TENI- Tadawul Energy Index
Price is currently standing at its support level. The direction can be up or down from here.

13) TRLI- Tadawul Retail Index
Price has continuously been making lower lows and coming downwards.

14) TRMI- Tadawul Real Estate Management Index
We are currently looking at a potential downfall in this index as the price got a rejection from the top.

15) TPBI- Tadawul Pharma And Biotech Index
The support level has been broken and the price started falling downwards.

CONCLUSION

Considering our assessment, it is anticipated that the Saudi Tadawul, including TASI and the other sectoral indices will experience a continued decline due to an ongoing short-term correction. Notably, esteemed Stock Market Expert Mr. Arijit Banerjee CMT (USA), CFTe (USA), advises exercising caution when contemplating investments in the Saudi Stock Market during this period.

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MONEY MANAGEMENT AND TRADING RULES

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.

Advisor / ANALYST SUMMARY

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.

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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