Tadawul All Share Index Trend Score

The Index shed 29.74 points to close the day at 6965. The Index is maintaining its uptrend on all three counts (short, medium and long) and we recommend going long on the stocks with positive swing ratings on weakness today.

Yesterday, the swing trading performance was dismal. Out of 27 stocks we cover, 22 were in the buy mode out of which 13 ended the day in the negative territory. The average return on the stocks with buy ratings was -0.43%. Only 5 stocks were in the sell mode and generated a return of -0.66% (positive for short sellers). Thus the whole day was a washout to say the least.

Today, the Index is likely to maintain its overnight negative trend and may test 6900 level before rebounding a bit. We advice swing traders to build positions in the stocks with positive swing ratings on weakness.