Next potential targets for Saudi Stock Market (Tadawul)
Bruce Powers | Apr 23, 2019 01:07PM ET
Suggested Tags: #KSA #GULF $KSA $GULF #TASI #Tadawul #MidEast #SaudiArabia #StockMarket #TechnicalAnalysis #ETFs #MiddleEast #EmergingMarkets #Oil
April 22, 2019
Several weeks ago, the Tadawul All Share index (TASI) went right through the 61.2% Fibonacci retracement (potential resistance) of the long-term downtrend that started off the September 2014 peak of 11,159.50 and kept going. Year-to-date the index is up 17.5%.
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The next long-term target is around the 9,911 to 10,002, which consists of the 9,897.44 swing high resistance from way back in April 2015. Nevertheless, there is an interim potential resistance zone, comprised of two Fibonacci projection and extension measurements, from around 9,370 to 9,430. Each of these zones can be seen on the accompanying weekly chart of the TASI.
As noted in prior TASI analysis, Investors in US markets can get exposure to Saudi equities through at least two ETFs: iShares MSCI Saudi Arabia ETF (NYSE:KSA) (almost 100% exposure), and Wisdom Tree Middle East Dividend Fund (NASDAQ:GULF) (approximately 27% exposure).
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