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Last week, the Tadawul All Share Index (TASI) tried to move above the key 11,700–11,800 resistance level, but it couldn’t hold its strength and ended up showing a bearish signal (a bearish engulfing pattern) — a sign that prices might fall in the short term.
This suggests that November may start quietly or slightly negative after two strong months of gains. The index may fall back to around 11,300–11,400 before it makes its next big move.
Even though the overall trend is still positive, the market looks weak in the short term. Traders should be careful and patient, and wait for a clear breakout above resistance before buying again.
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
