TASI Technical OverviewPosted on Tuesday, December 20 2016 at 5:22 am GMT+0000
Short term losing momentum.
The recent break above the weekly top at 6875 raised confidence for an extended long term advances targeting at least the 7800 level. After having their final targets reached, and with medium term indicators entering deeply in the overbought territory, traders shall wait for any retracement that might provide them with new market entry points. Moving to the short term, where the extended correction reached right above the previous intraday bottom, exposing weakness to the prevailing uptrend, a direct break above the 7150 would be needed to confirm further near term Bullish implications. In contrast, a move below the 7020 would cancel any short term Bullish scenarios and target a further decline.