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The Tadawul All Share Index (TASI) seems to be taking support at a very important long-term trendline. Over the last two weeks, we’ve seen buyers stepping in at lower levels — we can tell this because the candles on the weekly chart have long lower shadows (wicks), which means prices dropped during the week but recovered before the close.
Also, there’s a strong support area near the 10,700 level, which has helped the index bounce back many times in the past. This shows that the market is trying to form a base and not fall further.
If we look at the daily chart (which shows shorter-term moves), something interesting is happening. While the index is still making lower lows (which usually means weakness), the RSI indicator — which tells us about the strength or weakness of price moves — is making higher lows. This is called a bullish divergence, and it could mean that the selling pressure is reducing, and the market might soon start going up.
But remember — just seeing this sign doesn’t guarantee the market will rise soon. It only tells us that the falling trend might be slowing down.
Right now, the index is stuck in a sideways range of about 800 points. For a strong upward move to begin, TASI needs to break above the 11,500 level.
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.
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