2380 (Rabigh Refining & Petrochemical Co.)
Price has broken out of a bullish rectangle pattern on the weekly timeframe, supported by bullish divergence and strong volume. On the monthly chart, it has formed a double bottom and hidden bullish divergence, while continuing to move within a long-term range between 26 and 6 since 2009.
Price is trading above the 55 Fibonacci EMA on the weekly chart — a level it has historically respected as dynamic support and resistance. It has also given a breakout from the daily trendline, further strengthening the bullish structure.
Buy 2 is positioned lower in case of a healthy pullback for a stronger average. TP1 aligns with the rectangle projection, while sustained momentum could open room for price to extend toward 15, 19 and 23.
Recommended Levels:
Financially, the stock isn’t too strong — only free cash flow from operating activities and overall FCF remain positive on a quarterly basis.
Potential remains strong technically as long as price sustains above the 55 EMA. Happy trading!
Price has broken out of a bullish rectangle pattern on the weekly timeframe, supported by bullish divergence and strong volume. On the monthly chart, it has formed a double bottom and hidden bullish divergence, while continuing to move within a long-term range between 26 and 6 since 2009.
Price is trading above the 55 Fibonacci EMA on the weekly chart — a level it has historically respected as dynamic support and resistance. It has also given a breakout from the daily trendline, further strengthening the bullish structure.
Buy 2 is positioned lower in case of a healthy pullback for a stronger average. TP1 aligns with the rectangle projection, while sustained momentum could open room for price to extend toward 15, 19 and 23.
Recommended Levels:
- Buy 1: 9.04 (CMP)
- Buy 2: 8.40
- Stop Loss: Closing below 7.60
- Take Profit 1: 11.00
- Take Profit 2: 15.00
- Take Profit 3: Ride the trend with a trailing stop
Financially, the stock isn’t too strong — only free cash flow from operating activities and overall FCF remain positive on a quarterly basis.
Potential remains strong technically as long as price sustains above the 55 EMA. Happy trading!
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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.