- 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.
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
