TECHNICAL ANALYSIS: ACWA POWER CO (TADAWUL) 22-07-2025TECHNICAL ANALYSIS: ACWA POWER CO (TADAWUL)
The stock has been in a climatic bearish trend since January this year, trending in a bearish channel marked with light pink colors. The price has continuously been trading under the 20 EMA, and the bearish momentum seems powerful.
The stock has recently broken through a historical major support marked with a red solid line at 236. This broken support is expected to act as a short-term resistance and prohibit any upward movement.
Considering the price action of the last two weeks, we don't expect an immediate upward reversal of the stock before touching the historical measuring gap level located at 201.3.
We expect the stock to touch this level and then consolidate or accumulate in a trading range before showing any signs of upward reversal.
RECOMMENDATION:
Wait for the stock's behavior at the measuring gap before making any new entries. Forecasting an upward reversal at this stage with such powerful bearish momentum would not be accurate.
KEY LEVELS:
201.3 (Historical measuring gap level)
Recent support break level (now resistance) marked with red solid line at 236
