Tadawul 2030 : Saudi Arabia Refineries vs TASI - Relative Strength Comparison

Tadawul 2030 : Saudi Arabia Refineries - Technical Analysis (Daily)

• After a huge downfall, price had been consolidating in a range.
• Technically Level 100 was the major resistance for the price, which was a psychological resistance level also.
• In this deep consolidation phase, price has formed a Double Bottom pattern, which is a trend reversal pattern.
• Recently a fresh breakout has been seen in the chart, which is also supported by the volume.
• If the price manages to sustain above 100 level, then we will be witnessing the price to reach at higher levels in coming days.

Tadawul 2030 : Saudi Arabia Refineries - RSI Indicator

• Current RSI of this stock is 68.78, which indicates the strength of buyers.

Tadawul 2030 : Saudi Arabia Refineries - MA Crossover

• The short length moving average (10 SMA) is just crossing the long length moving average (20 SMA) 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.

Tadawul 2030 : Saudi Arabia Refineries - MACD Indicator

• MACD line has just crossed the signal line from the below and a positive histogram chart is forming. This can be considered as a bullish signal.

Conclusion - Tadawul 2030 : Saudi Arabia Refineries Stock Price Forcast

Based on our Saudi stock recommendations, Saudi Arabia Refineries stock price target will be SAR 101 - SAR 102 in the next 08-10 trading sessions.