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The Tadawul All Share Index (TASI) resumed trading after the Ramadan break on a positive note, gaining 1.3% for the week to close at 11,090.
After a sharp gap-down at the start of the month, the index has gradually recovered and is now trading above the 11,000 level, indicating improving short-term sentiment.
However, the next hurdle lies in the 11,300 to 11,400 zone, where trendline resistance is placed. This level could limit further upside in the near term.
A stronger resistance is seen around 11,700 to 11,800. Only a clear breakout above this zone can confirm a sustained bullish move. Until then, the index may continue to trade in a range with some volatility.
Historically, April has been a positive month for TASI, with gains recorded in 8 out of the last 10 years. It will be important to see if this trend continues.
In the current market setup, opportunities are likely to remain selective. Traders should stay cautious and focus on stocks showing relative strength and strong support-based bounces.
Arijit Banerjee CMT CFTe is a seasoned expert in the financial industry, boasting decades of experience in trading, investment, and wealth management. As the founder and chief strategist of Naranj Capital, he’s built a reputation for providing insightful research analysis to guide investment decisions.
Arijit’s credentials are impressive, holding both the Chartered Market Technician (CMT) and Certified Financial Technician (CFTe) designations. These certifications demonstrate his expertise in technical analysis and financial markets.
Through Naranj Capital, Arijit shares his market insights and research analysis, offering actionable advice for investors. His work is featured on platforms like TradingView, where he publishes detailed analysis and recommendations.
If you’re interested in learning more about Arijit’s work or Naranj Capital’s services, you can reach out to them directly through their website
