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Top Four Positive Sectors for Saudi Stock Exchange

  • Banking Sector (TBNI)

    TBNI - Daily Technical Analysis
    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
    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
    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
    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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