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TASI Targets Higher Prices Following Breakout Of Bull Pennant

Stock-Markets / Saudi Arabia Aug 07, 2017 - 12:08 PM GMT

By: MarketsToday

Stock-Markets

The Tadawul All Share Index (TASI) bull trend is preparing for its next move higher following a pull back towards support. Support can be anticipated anywhere from last week’s low of 7,059 and down to approximately 6,870. The lower part of the range is from previous resistance (now potential support) at the swing high from April 2016. That high marked the top of a large double bottom trend reversal pattern.


Last November the TASI broke out of the double bottom pattern before finding resistance at 7,288 and subsequently moving into a multi-month consolidation phase that took the form of a symmetrical triangle. When combined with the rally off the October 2016 lows the overall rising pattern takes the form of a bull pennant. A decisive breakout of the bull pennant occurred six weeks ago with the TASI then rising to a 22-month high before hitting resistance and moving into a retracement, where it remains.

Upward momentum influenced by two bullish patterns
Having two bullish patterns trigger one after the other as the uptrend progresses, with measured targets not yet close to being reached, is very bullish for the general outlook of the Saudi Arabia stock market. When measuring the bull pennant we arrive at a minimum target of approximately 8,513, while the double bottom target is a little higher around 8,610. Keep in mind that given the size of the patterns from which the targets are derived, they should be looked at as long-term targets.

Bruce Powers, CMT
Chief Technical Analyst
http://www.marketstoday.net/

© 2017 Copyright Bruce Powers- All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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