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.
Comment
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look out for a 2-week range breakout above 35Riyal.Could be a strong breakout.
@Wzahranii, it is moving as expected so one should only keep trailing the 'SL' behind till targets are met. The SL can now be trailed to 35 SAR. The stock may consolidate a bit near 40 SAR mark but the breakout above 40SAR should lead to a strong momentum towards the 50 SAR. Keep holding if you are already in it.
TalebHakim
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The chart by itself, looks amazing.
Yet when you corelate it to the banking sector and the main index. The stock is lagging behind and could be dragged along if the banking sector and the main index starts to correct. Do you agree?
neeraj_2_sharma
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@TalebHakim, I do not trade on TADAWUL so i am not in a position to comment about sectoral moves as i have not done extensive research about them. I trade in Indian Stock Market. I found this chart when i was trying to look for some interesting charts in the Saudi market and that's when i happened to see this one.
Great to know that. The wave 🌊 principle will stand out again and again if the stock starts to move against all the odds. I totally admire the wave school and your analysis as well.
neeraj_2_sharma
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@TalebHakim, you're welcome. Yes, i have been practicing the same on several charts for quite some time now and i have in person seen the unbelievable accuracy that this theory has. No other theory could be this accurate about the market behavior, in my opinion.
samiuddin709
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could you please draw elliot wave for 2010 & 4020 in tadawul. Thanks in advance.
neeraj_2_sharma
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@samiuddin709, sure friend, do check your personal message space on trading view.. i will send you