Bupa Arabia Continues To Shine In Saudi Market
Bruce Powers | Aug 10, 2015 01:50AM ET
Bupa Arabia for Coop. Insurance (SE:8210) continues to be one of the top performers in the Saudi market year-to-date, having risen over 50%, and the top former in the market over the past year - up over 134%. This relatively strong performance has been maintained even as the wider market has dropped by as much as 13.5% over the past three-months.
As can be seen by in the daily chart the stock has been progressing higher in a well formed bullish parallel channel over the past three months. Support is approximated by the 55-day exponential moving average (ema), which has been the case since the beginning of the year.
Upward progression can be anticipated to continue until proven otherwise - by a decisive drop below and daily close below key near-term support. At this point that support zone would be from around 247.75 (last week’s low) to 245.21 (55-day ema).
If the bullish channel does continue then the next target for Bupa looks to be around 287.17 (ABCD pattern target at 127% Fibonacci extension) to 288.74 (127% extension of most recent short-term decline).
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