Based on the attached chart, a head and shoulders pattern is clearly visible on the daily timeframe of the Saudi market index. If the index manages to break through the important resistance level of 12041 by 8/7, it is expected to continue rising. However, there is a risk of breaking the support level, which could lead to a reversal of the uptrend.
It is important to monitor price behavior near key support and resistance levels to confirm the trend. A break of the support level may indicate weakness in the upward momentum and the possibility of a downward correction. On the other hand, a breakout above the resistance level with strong trading volume may confirm the continuation of the uptrend.
In conclusion, the head and shoulders pattern looks promising, but caution should be exercised due to the possibility of breaking support. It is advisable to wait for confirmation of the resistance breakout before entering new long positions.
It is important to monitor price behavior near key support and resistance levels to confirm the trend. A break of the support level may indicate weakness in the upward momentum and the possibility of a downward correction. On the other hand, a breakout above the resistance level with strong trading volume may confirm the continuation of the uptrend.
In conclusion, the head and shoulders pattern looks promising, but caution should be exercised due to the possibility of breaking support. It is advisable to wait for confirmation of the resistance breakout before entering new long positions.
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