Tadawul 2082 : ACWA Power vs TASI - Relative Strength Comparison

Tadawul 2082 : ACWA Power - Technical Analysis (Daily)

• The stock is experiencing a robust upward trend, consistently achieving higher highs and lows.
• Throughout this upward trajectory, the stock price has developed several bullish patterns in succession.
• Initially, a Symmetrical Triangle pattern formed, and following its breakout, the stock price soared before entering a consolidation period.
• During this time, an Inverted Head & Shoulders pattern appeared, signaling the continuation of the upward movement.
• Subsequently, a bullish Pole & Flag pattern emerged, propelling the price to an all-time high near the 493 mark after a breakout.
• However, the stock encountered resistance, leading to a brief correction.
• Afterward, the price attempted to rise again but struggled to break through its previous resistance, resulting in a decline.
• In this phase, a Double Top pattern developed, indicating a bearish sentiment.
• Despite this, the stock found support at the trendline and continued its ascent following the breakout of the Ascending Triangle pattern.

Tadawul 2082 : ACWA Power - MACD Indicator

• MACD line has just crossed the signal line from the below, generates bullish signal.

Tadawul 2082 : ACWA Power - EMA Crossover

• The short length exponential moving average (10 EMA) has crossed the long length exponential moving average (20 EMA) from the below, generates bullish signal. Last day’s candle has closed above all these moving averages. This suggests buyers are taking interest in this stock.

Conclusion - Tadawul 2082 : ACWA Power Stock Price Forecast

Based on our short term swing trading signals for Saudi Arabia, ACWA Power stock price target will be SAR 405 - SAR 410 in the next 12-14 trading sessions.