Anaam looks promising
Anaam has been very bearish recently and there were some potential for a break-out but it faked a penetration of a down trend (See my previous analysis). Up to now, it has formed a descending triangle in which it broke down a little and reversed to go bullish. Some analysts call it a wave throwback, a very usual behavior in Saudi stock speculations. Targets as seen in the chart but make sure that 19.80 is your stop-loss otherwise it can be bearish again.
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That 8% rise was predictable but the question is "will the stock reach its wave target? Well, it only breakout with wick, which we should not take for consideration. Let's wait for a confirmation then we can update on the possibility of reaching higher targets.
That 8% rise was predictable but the question is "will the stock reach its wave target? Well, it only breakout with wick, which we should not take for consideration. Let's wait for a confirmation then we can update on the possibility of reaching higher targets.
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On the way to its target
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The stock here has reached a very strong resistance, 28.8, an area of a previous supply zone. I would take profit for now and wait for a penetration for an update.
