Tadawul Capital Goods Index – Price Action suggests Pole & Flag Breakout
Naranj Capital Research Desk
The index surged to the 9360 level, marking a new all-time high after a strong uptrend.
After hitting the 9360 level, the index began to decline and underwent a correction.
Following a two-year consolidation phase from November 2021 to November 2023, the index formed an Inverted Head & Shoulder pattern, signaling a trend reversal.
Since breaking out of the pattern, the index has experienced a significant uptrend.
A brief retracement led to the formation of a Pole & Flag pattern, indicating the continuation of the uptrend.
It appears that the index has successfully sustained the breakout level and is poised to move even higher.
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