Saudi Arabia Stock Market(TASI) in downtrend for next few months

3 thg 2, 2020

• Looking at the weekly chart from Feb-2018 it looks like index is in the second half of right shoulder of Head and Shoulder Pattern.
  
• The high of left shoulder around 8450-8460 range has again acted as a resistance during the formation of right shoulder high.
  
• This is also 61.8% retracement of price drop from high of mid-July to low formed in mid-October.