Saudi Basic Industries Corp. can break multi year consolidation
2010
Saudi Basic Industries Corp. can break multiyear consolidation but there are two alternatives this is one possibility which I have shown in charts. In both possibilities SABIC should have to go below 59.5 in spot market to end multiyear consolidated bear trend. Then I think SABIC will be in bull trend.
Entry: -
1) If Stock goes below 59.5 then wait and let stock rebound and if stock goes above 85 then start Buying for long term.
Target: -
1) If stock goes above ① which is all time high at 252.2 then target will be 399.4. Which is 1.618 reverse retracement of wave ①.
2) 2.618 Reverse retracement of wave ① which is 637.6