Al Rajhi Bank Weekly Technical Analysis: Bullish Setup in PlayTADAWUL:1120 (Al Rajhi Bank) — Weekly Technical Setup
Price is moving in ascending channel and currently reacting at the 0.786 retracement area. It is holding above the 55 Fibonacci EMA on the weekly timeframe, which has historically acted as dynamic support. Buy 2 is set near channel support and the rising trendline for a better average if price dips first.
RSI is fully in sync — no red flags there. Seasonality also leans bullish for December historically. The conservative stop is placed below major horizontal support that previously acted as resistance, while the aggressive stop sits below the trendline zone.
TP1 is aligned with recent major resistance. Further targets are based on the AB=CD harmonic projection and potential continuation if price eventually breaks the channel top. Fundamentally, this is one of the strongest banks in Saudi, showing steady earnings and solid financial performance over time.
Recommended Levels:
• Buy 1: 96.00 (CMP)
• Buy 2: 92.90
• Stop Loss: Closing below 88.00
• Take Profit 1: 108
• Take Profit 2: 116
• Take Profit 3: 124 / Ride the trend with a trailing stop
Potential remains strong as long as price sustains above the major horizontal zone.
Long
