Top Four Positive Sectors for Saudi Stock Exchange
Naranj Capital Research Desk
Banking Sector (TBNI)
TBNI - Daily Technical Analysis
The bank index experienced a notable correction following the breakdown of the rising wedge pattern.
Finding support around 9600, the index made an upward move but encountered a strong rejection near the 13100 level, resulting in a significant decline.
However, a double bottom pattern has recently appeared on the chart, indicating a potential upside rally for the bank index after a breakout.
Commercial & Professional Services Sector (TCPI)
TCPI - Daily Technical Analysis
The index is on a steady uptrend.
Two consecutive Pole & Flag patterns have emerged on the chart, indicating a bullish market sentiment.
Following a correction, the index developed a Symmetrical Triangle pattern, and after a recent breakout, there is significant potential for upside growth.
Real Estate Management & Development Sector (TRMI)
TRMI - Daily Technical Analysis
The real estate index experienced some major price swings,
After a period of decline, the index stabilized and sharply rose following a break of the double bottom formation,
Subsequently, the index developed a pole & flag pattern and maintained its upward momentum.
A triple top pattern developed on the chart, leading to a drop in price after breaking below the neckline, followed by a period of consolidation.
Within this consolidation phase, a double bottom pattern emerged and now, with a recent breakout, the index is moving higher.
Food & Beverages Sector (TFBI)
TFBI - Daily Technical Analysis
The index has experienced numerous fluctuations.
The index first formed an Inverted Head & Shoulder pattern, leading to a surge in the index and reaching an all-time high.
Following a period of consolidation, the index then formed a Head & Shoulder pattern and experienced a decline after breaking below the neckline.
Subsequently, the index formed a double bottom pattern after finding a base and has been moving higher after the breakout.
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