📊⚗️ THE CHART ALCHEMIST – TECHNICAL ANALYSIS ⚗️📊
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Stock: Advanced Building Industries (Ticker: 2240)
📈 Technical Overview
The stock previously reached a high of SAR 48, forming a double top pattern. This was followed by a sharp decline to SAR 28.8. The subsequent pullback formed a bearish flag pattern, which has now broken down, continuing the bearish trajectory.
📊 Price Path and Direction
The previous price and probable price movements are shown by a series of red zigzag lines. After the peak and decline, the stock pulled back and then broke down from the bearish flag. We now expect the price to head toward SAR 32.2 (TP1), then SAR 30.0 (TP2), and ultimately SAR 28.8 (TP3). The overall direction remains bearish.
📉 Trade Implications
Given this bearish structure, initiating a long position at the current price level is not recommended. Traders should wait for a positive confirmation at any of the defined target levels before considering a long entry
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Stock: Advanced Building Industries (Ticker: 2240)
📈 Technical Overview
The stock previously reached a high of SAR 48, forming a double top pattern. This was followed by a sharp decline to SAR 28.8. The subsequent pullback formed a bearish flag pattern, which has now broken down, continuing the bearish trajectory.
📊 Price Path and Direction
The previous price and probable price movements are shown by a series of red zigzag lines. After the peak and decline, the stock pulled back and then broke down from the bearish flag. We now expect the price to head toward SAR 32.2 (TP1), then SAR 30.0 (TP2), and ultimately SAR 28.8 (TP3). The overall direction remains bearish.
📉 Trade Implications
Given this bearish structure, initiating a long position at the current price level is not recommended. Traders should wait for a positive confirmation at any of the defined target levels before considering a long entry
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.