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Saudi markets started the week on a positive note.
But as the closing bell rang, market sentiment clearly changed.
But as the closing bell rang, market sentiment clearly changed.
The Saudi market index TASI fell below the important level of 11,000 points again this week.
On paper, the weekly decline was limited to 0.33%.
But the chart may indicate something more important.
What does the market indicate now?
On the daily chart, TASI appears to be facing rejection at an important area of ​​resistance associated with a head and shoulders pattern.
This could cause short-term momentum to shift back to the downside.
Why is this level important?
The 11,200 area is currently the market’s main resistance.
As long as the index remains below that level, upside momentum may remain limited.
If weakness persists, the market could fall further in the coming sessions.
What should traders do now?
This may not be an ideal environment to aggressively pursue long positions.
Staying patient may be the best option right now.
A strong and sustained break above 11,200 could signal buyers regaining control, possibly opening the door to a fresh recovery.
Until then, caution is important.
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