This is my first time analysis of Saudi Arabia Stock Market - Tadawul All Share Index (TASI).
CMP 9731
Supports: 7770, 8496
Resistance: 11160, 20745
As per the Historical chart of TASI, We have completed an
impulse wave and a corrective wave move from the bottom and completed at
4068.08 and started the impulse move. Impulse wave topped at 20744 and
corrective ended at 4068.
From 4068, we have started the next impulse move, which as
per my wave count wave 3 in bigger picture.
Wave 1 of Wave 3 ended at 11159. From there we started the
correction wave 2 of 3 and ended at 7225.
Wave 2 Guideline - Wave 1 is corrected by wave 2 by between
50% to 100%. As per the guideline, wave 2 has done normal correction between
50% - 61.8%.
Now, as long as 7225 holds, I expect to more up move which
will break 11159 positionally.
Wave 3 - wave 2 Correction - corrected nearly 70.7% of wave
3 of wave 1
Targets for Wave 3. Support: 7770
As long as TASI supported by 7770, I expect to see 10000,
10550, 11159, 11740, 12250.
Small targets: 9350, 9600, 9890, 10000, 10150, 10440, 10550,
10670, 11159.
Targets for Wave 3 of 3. Support: 8496.
As long as 8496 supports and break of 9898, I expect to
see [9745]-9755(done), [10000]-100051, [10200]-10230, 10275, [10460]-10475,
10920, [[11010]], 11210.
High Level Charts
Conclusion:
As long as TASI supported by 7770/8496,
I expect to see 9745,
10000, 10200, 10460, 10550, 11010, 11159, 11740,
12250.
Small targets: 9350, 9600, [9745]-9755, 9890 (done),
10000-100051, 10150, [10200]-10230, 10275, 10440, [10460]-10475, 10550,
10670, 10920, [[11010]], 11159, 11210.
