2350 Technical Analysis: Breakout with Weekly Bullish Signals
2350 (Saudi Kayan Petrochemical Co.)
Price has broken out above the previous high, which had also been a major resistance level since May. It is trading above the 55 Fibonacci EMA, a level that has historically served as dynamic support.
On the weekly timeframe, price has broken out of a falling wedge, confirmed a double bottom, and printed bullish divergence — all of which strengthen the bullish outlook.
The first buy is at CMP, with Buy 2 positioned lower to average in on a pullback. TP1 and TP2 are aligned with near-term resistances, while sustained momentum beyond TP2 opens room for price to extend toward 8.77 and even 10. Stop loss is set below 4.75 on a closing basis to define risk.
Recommended Levels:
Buy 1: 5.62 (CMP)
Buy 2: 5.18
Stop Loss: Closing below 4.75
Take Profit 1: 6.15
Take Profit 2: 6.77
Take Profit 3: Ride the trend with a trailing stop
Potential upside remains as long as momentum sustains above the breakout zone and 55 EMA. Happy trading!
Price has broken out above the previous high, which had also been a major resistance level since May. It is trading above the 55 Fibonacci EMA, a level that has historically served as dynamic support.
On the weekly timeframe, price has broken out of a falling wedge, confirmed a double bottom, and printed bullish divergence — all of which strengthen the bullish outlook.
The first buy is at CMP, with Buy 2 positioned lower to average in on a pullback. TP1 and TP2 are aligned with near-term resistances, while sustained momentum beyond TP2 opens room for price to extend toward 8.77 and even 10. Stop loss is set below 4.75 on a closing basis to define risk.
Recommended Levels:
Buy 1: 5.62 (CMP)
Buy 2: 5.18
Stop Loss: Closing below 4.75
Take Profit 1: 6.15
Take Profit 2: 6.77
Take Profit 3: Ride the trend with a trailing stop
Potential upside remains as long as momentum sustains above the breakout zone and 55 EMA. Happy trading!
Trade active
TP1 hit
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.