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TASI continues uptrend Short-term investment positive

In our previous analysis at the end of October on Saudi Arabia Stock Market (Tadawul) Index known as TASI; we mentioned that the index continued its up-trend following our analysis and went further higher to touch a new resistance at 8,223 point, recording a new year high on August 21s, which was also its highest level since mid-September 2008. However, after the correction that followed at the beginning of September, we said that a new run up was seen giving a new buy signal at around 7,815 point for short-term investors.

The Saudi index continued its recent bullish wave recording a new record high, the highest in 62 months (since Sept 3, 2013), when touching 8,425.49 point on November 18th. Some correction followed to near 8,230 point at the end of this week on profit booking. Technical indicators are currently at almost overbought levels, with no elimination for a new up-run to near recent high once again before the year ends. Short-term investment is still positive, but investors of this period need to keep monitoring the index to book their profits if it fell to below 8,135 point. Meanwhile, medium and long term investors can continue to hold their stocks as their trends remain bullish, and consider cashing out at levels lower than 7,681 and 7,211 points if the index retreated further.

By Kuwait Finance House

By: Kuwait Finance House

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