TASI Tests Patience as Momentum Fades Near Key Resistance

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.