40% upside potential in The Saudi National Bnak
The Saudi National Bank is the largest commercial bank in Saudi Arabia.
The share of the bank saw a rise in the form of a wave 1 in march of 2023 from the bottom and then a subsequent 80% retracement of the same from July till oct 2023.
The share has now kicked off in the new wave 3 structure. Since the wave 2 retracement was very deep, it opens up the probability of wave three getting extended and move all the way up till the 50 SAR mark.(44% from CMP)
One could look for some retracement of the past 4days move to make an entry and then ride the strong bullish wave 3 all the way it it lasts.
Note*- This post of is for educational purpose only.
The share of the bank saw a rise in the form of a wave 1 in march of 2023 from the bottom and then a subsequent 80% retracement of the same from July till oct 2023.
The share has now kicked off in the new wave 3 structure. Since the wave 2 retracement was very deep, it opens up the probability of wave three getting extended and move all the way up till the 50 SAR mark.(44% from CMP)
One could look for some retracement of the past 4days move to make an entry and then ride the strong bullish wave 3 all the way it it lasts.
Note*- This post of is for educational purpose only.
Comment:
look out for a 2-week range breakout above 35Riyal.Could be a strong breakout.