1. SPECIAL TECH REPORT
JAZIRA SECURITIES BROKERAGE Wednesday, December 14, 2011
SAUDI STOCK MARKET MAJOR INDEX RIC: .TASI
“PURE” PRICE ANALYSIS SAYS A LOT!!!
A major lateral action still taking place and, without doubt, gaining mo-
mentum. After early 2011 panic move, a selling climax pattern then a
violent thrust took the index right to the mid-Jan 2011 peak. A decline
off that level failed to continue all the way down to the low of the men-
tioned panic move, forming a higher lows pattern, and a sustainable ral-
ly has materialized.
This rally is just perfect! A moderate rising channel is taking place,
volume is rising noticeably, over the 200-day EMA of volume in most
time, and the prices having fun penetrating most static and moving re-
sistance levels.
Why the index is tumbling with heavy volume? Well, that makes sense
after reaching a confluence of resistance zone from the 200-day EMA,
lower degree dotted rising trend line, the 50% fib retracement level and
the rising resistance thick blue line of the intermediate rising channel.
So what’s happening right now? A mentioned concentration of supply
zone is forcing the index to a confluence of support from 1) the 50-day
EMA (@6,175), 2) a declining important support line (red one), 3) a
horizontal dotted support line (@6,150).
What about possible scenarios? A lateral action between the 50-day
EMA (6,175) and the 200-day EMA (6,300) may take place. A decisive
down-breakout below 6,150 will force the index to the lower rising sup-
port thick blue line in the intermediate rising channel. Medium-term
traders are just fine as long as the index keep this channel intact.
BOTTOM LINE: (Last Price: 6,181 pt.) Hold, Trade mentioned
range, Buy Dips to the lower side of the channel & Stop Loss
below 6,030.
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2. SPECIAL TECH REPORT
JAZIRA SECURITIES BROKERAGE Wednesday, December 14, 2011
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