Breaking Resistance: Good Days Ahead For Saudi Tadawul All Share Index
Naranj Capital Research Desk
TASI showed a Double Bottom pattern at the support level after a significant drop, suggesting a possible trend reversal.
Following the breakout of the Double Bottom pattern, TASI encountered strong selling pressure at the resistance level and dropped sharply back to the previous support level.
There was a significant gap up after the correction, indicating buyer presence at the support level for TASI.
After consolidating, TASI successfully broke through the resistance level near the 11,850 and is now holding above the breakout zone.
The chart suggests that TASI is gaining momentum and is likely to continue its upward trend.
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