Bullish Outlook For The Tadawul All Share Index
Bruce Powers | Apr 20, 2015 05:35AM ET
Technical Update: Bullish outlook For The Tadawul All Share Index (TASI) – Saudi Stock Exchange
The TASI rallied 368.78 or 3.99% Sunday to close at 9,619.97, putting it only 1.3% below its 2015 high of 9,745.2. Volume spiked to the highest level since May 19, 2014, and the index advanced well above its 200-day exponential moving average - and closed above it for the first time since mid-March.
Technical highlights:
- Rally above 9,745.2 March peak triggers a bullish trend continuation, and then
- Enters a resistance zone up to approximately 8,188.2 (prior peak from June 2014)
- Higher levels to watch for resistance include:
- 10,101.1: 127.2% Fibonacci extension of the 12.8% March decline
- 10,358.9: prior peak from late-October 2014
- 11,016.3: Rising Measured Move or AB=CD pattern completes at 11,016.3 (point D)
- 14-Day Relative Strength Index (RSI) is not yet overbought
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.