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HaidarMQ
Jun 10, 2020 5:00 PM

ARAMCO: Hammer Time Long

SAUDI ARABIAN OIL CO.Tadawul

Description

So this stock has been very stubborn, but the upwards channel trend is easy to spot. On a day scale, today technically closed with a hammer, which is a good sign. Also, strong buyers support for this stock is keeping it from getting too close to the support line or the 32.2 price for that matter. Not only that, but the tadawul market today showed that buyers aren't letting sellers push the index down. Increased oil prices and the expectation that demand for oil will return should also be positive. I'm bullish on this and on the tadawul index as well, although I expect the slope not to be too high for this stock specifically, it'll take some time for it to build up. Comment or share your ideas, and lets learn together!
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