Tadawul 2223 : Saudi Aramco Base Oil - Technical Analysis (Daily)

• The stock price of Saudi Aramco Base Oil (2223) witnessed a strong rally during March 2023- July 2023, rallying from SAR 103 to SAR 149.
• In July 2023 the stock price was showing lack of strength to sustain the up move and was moving in a rectangular consolidation pattern for four months till the October 2023.
• After showing consolidation for few months, in the October, 2023, the stock price slipped into the sharp declines and moved below SAR 125, giving a breakout forming a assenting triangular pattern.
• We are witnessing the formation of ‘Higher Highs Lower Lows’ for the last few weeks, which is a positive sign.

Tadawul 2223 : Saudi Aramco Base Oil - RSI Indicator

• As a reading of 50 denotes a balance between bullish and bearish positions so the 60 RSI indicates that the stock is going to move upward.

Tadawul 2223 : Saudi Aramco Base Oil - MA Crossover

• The chart with the Moving Average indicator shows that the stock price has crossed the both MA lines which tells us that the stock is ready for an up move.

Tadawul 2223 : Saudi Aramco Base Oil - Volume Profile Indicator

• The chart shows the maximum volume appears in SAR 150. this indicates positive buying sentiments in upcoming days.

Conclusion - Tadawul 2223 : Saudi Aramco Base Oil Stock Price Forecast

Based on our Saudi stocks advisory, Saudi Aramco Base Oil stock price target will be SAR 157 - SAR 160 in the next 12-14 trading sessions.