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This is a comprehensive technical analysis panel (multi-timeframe analysis) for Saudi market stocks (denominated in SAR), primarily based on supply and demand strategies:
Here’s a closer look at the stock’s technical position based on the six charts shown (from largest to smallest):
Read the chart (supply and demand analysis):
Overall trends (long term – annual and quarterly):
Over the long term, the stock is in a very sharp downtrend. The “Annual Offer” and “Quarterly Offer” areas are far apart and at a high level (above 50 and 60 riyals), which confirms that sellers have complete control over the large frames and that there is continued downward selling pressure.
Interim (monthly and weekly):
A “downtrend” is evident each week, with prices consistently moving below the trend and approaching a breakout. The price has recently been close to the (potential demand) area identified by analysts (around the 27.50 – 30.00 riyals level) and the stock appears to be trying to consolidate there.
Short term (daily speculation):
Looking at the daily chart, the stock moves within a horizontal range between two distinct areas:
1. Daily demand area (support): marked in green (near 29.00 riyals), which has successfully raised the price recently.
2. Daily supply area (resistance): marked in red (around 32.00 – 33.00 riyals), this is the area that the price is currently testing (the current price appears around 31.94 riyals).
Technical summary:
The stock is bearish as an investment, but it is going through a phase of a speculative rally or shift in direction to the upside in both the short and long term.
Intraday Positivity: A breakout of the “Daily Supply” zone (above 33 riyals) and a breakout of the weekly “Downtrend” are needed to declare a real rebound.
Negative: A breakout of the “Daily Demand” zone (below QR29) means continued bleeding and a search for new lows in line with the annual downtrend.
Disclaimer: This is a technical analysis of what appears on the attached chart and is not considered a recommendation to buy or sell, the trading decision is yours. )
Are you currently paying attention to this stock to quickly speculate based on the “daily demand” rebound, or are you looking for long-term investment opportunities and waiting for the general trend to change? Share it with us in the comments
