ADIB Stock Analysis – Converging Triangle in Focus!

Greetings Traders,

Today, we’re taking a closer look at ADIB (Abu Dhabi Islamic Bank) — an interesting setup forming on the chart!

Key Highlights:

• Fundamentally strong: ADIB continues to deliver solid YoY earnings growth.
  
• Bearish divergence was observed earlier, leading to strong selling pressure, followed by the formation of a converging triangle pattern.
  
• This triangle appears to represent a corrective phase after a prolonged bullish rally.
  
• The stock recently announced positive earnings results, reinforcing the underlying strength.
  
• Considering the technical and fundamental setup, a bullish breakout from the triangle looks probable.
  
• Trading Plan: Wait for a confirmed breakout above the upper trendline before entering a cautious long position. Traders can take a risky position after break-out of triangle. And for Cautious traders wait for the breakout from the upper tip of the triangle.
  
• Stop Loss: Below the recent swing low.
  

Keep an eye on volume during the breakout — confirmation is key.

Happy Trading & Stay Disciplined!