Tadawul 2370 : Middle East Specialized Cables vs TASI - Relative Strength Comparison

Tadawul 2370 : Middle East Specialized Cables - Technical Analysis (Daily)

• Looking at the price chart we can see that the price took a rejection from around 19.5 level and from there a correction can be seen, which has brought the price down to the 14.5 level.
• After that price gave a sharp rally and broke its previous resistance and moved further to reach 23 level which was also its 52-week High.
• But from there price moved downwards and made a correction which can be considered healthy for the stock.
• Then price took support exactly from previous resistance which is also a trendline support level and bounced back from there.
• An amazing Bullish Pole and Flag chart pattern can be observed which is indicating that the price is getting ready for the upmove.
• Now with a fresh breakout, supported by the volume price is trading at 52-week High. More upside move possible if the price can manage to sustain above the level.

Tadawul 2370 : Middle East Specialized Cables - RSI Indicator

• With an uptrending RSI of value 71.10, buyers are showing their strength.

Tadawul 2370 : Middle East Specialized Cables - MA Crossover

• The short length moving average (10 SMA) has just crossed the long length moving average (20 SMA) from the below, generates a bullish signal.

Conclusion - Tadawul 2370 : Middle East Specialized Cables Stock Price Forcast

Based on our swing trade signals for Tadawul, Middle East Specialized Cables stock price target will be SAR 24.8 - SAR 25.2 in the next 12-14 trading sessions.