- Naranj Research Desk
- 🇸🇦 Saudi Stock Market
- 🇺🇸 USA Stock Market
The Saudi market started the week with optimism.
But by the closing bell, sentiment had clearly changed.
The Tadawul All Share Index (TASI) ended the week just below the important 11,000 level.
On paper, the weekly decline was modest at 0.33%.
But the chart may be signaling something more important.
On the daily chart, TASI appears to be facing rejection from a critical resistance area linked to a Head & Shoulders pattern.
That could shift the short term momentum back toward the downside.
The zone around 11,200 has now become the key resistance.
As long as the index stays below this level, upside momentum may remain limited.
And if weakness continues, the market could drift lower in the coming sessions.
This is probably not the ideal environment to aggressively chase long positions.
The smarter approach right now may be patience.
A strong and sustained move above 11,200 could signal that buyers are regaining control and may open the door for a recovery.
Until then, caution remains important.
