Is It Good To Buy Now?
Since the listing of Adnoc Drilling its been trending up, opening price was 2.85Dhs and as of today 20-03-2022 its at 3.78Dhs that is more than 30% increase within 5 months of its listing. Adnoc Drilling is one of the heavily traded stock with big volumes I had also recommended this stock on my YouTube channel if you have missed it the link is here.
ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size, with 96 owned rigs.
Adnoc & Oil Price
Crude Oil Price is been very volatile thanks to Russia – Ukraine issue. The stock price of Adnoc is effected too in a positive way as oil price is increasing so yes we can say fundamentals are in play.
As per the international observers and economists oil prices will keep increasing till the time the war between Russia – Ukraine does not come to an end. Crude oil recently touched 138.03 and weekly closing is at 107.80
Lets Talk Technical
As I just mentioned Adnoc Drilling is maintaining its uptrend buyers are still aggressive. Any correction that we see buyer are jumping in and grabbing this stock.
Previous resistance zone was at 3.60-3.65 level it broke the resistance with good volumes. Another buying opportunity was at the retest of the same level, as of now price is above 20 day moving average giving a strong indication of a uptrend.
Taking about Relative Strength Indicator – RSI a indicator showing us the momentum of a stock/index. Currently RSI is above 63 which is bullish I think market will push the price higher to retest 3.90. I am still holding this stock for my next targets – 3.95 and then 4.04 respectively. You can also watch my technical analysis for this stock on my Youtube Channel.
Please buy a stock with proper position sizing a FREE TOOL is available on my website where you can plan your trade click here.
Over all this stock is in a solid uptrend and its recommended!!
Please do your own research before investing this article is for educational purpose only.
All The Best!!
Prompt, where I can read about it?