Tadawul 7203 : Elm Company vs TASI - Relative Strength Comparison

Tadawul 7203 : Elm Company - Technical Analysis (Daily)

• Upon examining the daily chart, it is evident that the stock is experiencing an upward trend.
• During this upward movement, the price displayed an Inverted Head & Shoulder pattern and underwent a consolidation phase.
• Following a breakout, the price ascended within a parallel channel.
• Subsequently, the stock formed several bullish chart patterns consecutively.
• Initially, a pennant pattern emerged, succeeded by an ascending triangle pattern.
• After another breakout, the stock consolidated in a Rounding Bottom pattern.
• The price then surged to reach a record high around the 1,125 level.
• Following a correction, the price is currently attempting to resume its upward trajectory to sustain the uptrend.

Tadawul 7203 : Elm Company - RSI Indicator

• Current RSI of this stock is 62.36, which indicates the strength of buyers.

Tadawul 7203 : Elm Company - ADX & DI Indicator

• 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.

Tadawul 7203 : Elm Company - MACD Indicator

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

Conclusion - Tadawul 7203 : Elm Company Stock Price Forecast

Based on our Saudi stocks trading guidance, Elm Company stock price target will be SAR 945 - SAR 955 in the next 14-16 trading sessions.