Tadawul All Share Index (TASI) Trend Score

Tadawul All Share Index (TASI)

Last: 6767.81, up 101.01 points

We expect more gains in the near term as the Index is poised to test the upper boundary of the eight week long sideway trend at 6800-6900. However, for the day, it may exhibit a sideways trend to digest yesterday’s gains. 

The Trend Score table is showing considerable positive change after yesterday’s rise. Though the overall trend of the Index remains down, it is showing “Corrective Rise” flag as the 2 weeks moving average has gone above 12 weeks moving average and 14 day RSI has come above 50 level indicating positive short term bias in prices. This is also true for SABB and SABIC. See the charts below for details.

A few of stocks which were showing “Corrective Fall” and “Uptrend Reversing” flags are also showing some promise as the flag has disappeared. These stocks are ALMARAI and MAADEN. The Trend Score of both stocks have improved from “3” to “7”. See the Trend Score table for details and change in trending profile of other stocks. See the charts below for details.