Watani Iron Steel (9513) : Confirmation Before the Next Move !!Watani Iron Steel CoTADAWUL_DLY:9513wish_fund9513 📈 Weekly Trendline Retest: Waiting for Confirmation Before the Next Move 🇸🇦 The stock has successfully retested its long-term weekly trendline, placing it at a critical technical decision point. While the setup is becoming increasingly constructive, confirmation is still required before considering a high-conviction entry. 🔍 Technical Outlook The current price action suggests that the market is attempting to convert the previous resistance into support. However, rather than anticipating the move, I prefer to wait for a confirmed breakout–retest before building a position. A successful confirmation would significantly strengthen the bullish case and improve the overall risk-to-reward profile. 📌 Daily 200 EMA: Key Dynamic Support Another important technical level to monitor is the Daily 200 EMA, currently positioned around 1.97. This area represents a strong confluence support zone and could become the foundation for the next bullish leg if buyers continue defending it. 👀 Medium-Term Watchlist Candidate From a medium-term investment perspective, this stock deserves a place on the watchlist. Rather than chasing price, I'd prefer to wait for: ✅ Confirmed breakout above resistance ✅ Successful retest of the breakout zone ✅ Price holding above the Daily 200 EMA ✅ Strong volume confirming institutional participation These factors would provide greater confidence that the trend reversal is sustainable. 🎯 Fibonacci Profit-Taking Zones If the breakout is confirmed and bullish momentum continues, the next technical objectives based on Fibonacci retracement/extension levels are: 🎯 Target 1: 2.80 🎯 Target 2: 3.20 🎯 Target 3: 3.96 These levels are likely to act as profit-taking and resistance zones, where traders should closely monitor price action. 📊 My View The chart is approaching a high-probability technical setup, but patience remains the edge. 📈 Bullish Confirmation: Breakout followed by a successful retest above the weekly trendline. 🛡️ Key Support: Daily 200 EMA around 1.97. 🚀 Upside Potential: 2.80 → 3.20 → 3.96, provided the bullish market structure remains intact. This is a stock worth watching—not chasing. Let the market confirm the breakout, then let the trend do the heavy lifting. Do you think the weekly trendline retest will ignite the next rally, or is one more shakeout needed before the breakout? Share your analysis below! 👇 ⚠️ Financial Disclaimer Disclaimer: This analysis is shared for educational and informational purposes only and should not be considered financial, investment, or trading advice. Always conduct your own research (DYOR) and apply proper risk management before making any investment decisions. #Tadawul #SaudiStockMarket #SaudiStocks #TASI #SaudiInvesting #SaudiTrading #SaudiInvestors #KSAStocks #SaudiEquities #RiyadhMarket #MiddleEastMarkets #GCCMarkets #TechnicalAnalysis #TradingView #PriceAction #MarketStructure #WeeklyTrendline #BreakoutRetest #EMA200 #SupportAndResistance #Fibonacci #TrendFollowing #SwingTrading #BreakoutTrading #MomentumTrading #ChartAnalysis #TradingIdeas #StockAnalysis #RiskManagement #BullishSetup #Investing #StockMarket #WiSHFundManagement