On the 4H chart of Flynas Co. (4264, TADAWUL), a potential bullish harmonic structure is forming, suggesting continuation to the upside. The pattern aligns with the classic ABCD completion, projecting towards the 85.0–87.0 range.
Pattern Formation:
The XA leg retracement shows a clean 0.936 retracement into point B.
The BC leg extends to 2.009, confirming harmonic alignment.
Point C sits around the 0.547 retracement of AB, creating symmetry.
Price Action Context:
Strong support is visible near 75.0, previously tested and held.
Ascending trendline from early September continues to guide price higher.
Break above 78.8 (current bid/ask zone) could act as a trigger for momentum.
Targets:
First target: 84.1 (local resistance / previous swing high).
Second target: 85.5–87.0 (completion of harmonic D and extended profit-taking zone).
Stop Loss:
Suggested below 75.0, as a clean break under this invalidates the structure and trendline support.
Summary:
If bullish momentum sustains above the current bid zone (78.7–78.8), the harmonic setup indicates upside potential into mid-80s. This trade idea remains valid as long as 75.0 support holds. Risk-to-reward remains favorable given the proximity to structure-based support and clear projected harmonic completion zone.
Pattern Formation:
The XA leg retracement shows a clean 0.936 retracement into point B.
The BC leg extends to 2.009, confirming harmonic alignment.
Point C sits around the 0.547 retracement of AB, creating symmetry.
Price Action Context:
Strong support is visible near 75.0, previously tested and held.
Ascending trendline from early September continues to guide price higher.
Break above 78.8 (current bid/ask zone) could act as a trigger for momentum.
Targets:
First target: 84.1 (local resistance / previous swing high).
Second target: 85.5–87.0 (completion of harmonic D and extended profit-taking zone).
Stop Loss:
Suggested below 75.0, as a clean break under this invalidates the structure and trendline support.
Summary:
If bullish momentum sustains above the current bid zone (78.7–78.8), the harmonic setup indicates upside potential into mid-80s. This trade idea remains valid as long as 75.0 support holds. Risk-to-reward remains favorable given the proximity to structure-based support and clear projected harmonic completion zone.
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.
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.