TASI Technical OverviewPosted on Tuesday, December 12 2017 at 5:42 am GMT+0000
Positions activated above 7120.
After the sharp correction, the market found solid ground and shown intension to resume higher after the completion of a medium term reversal pattern above 7120. The surge above the previous daily top is regarded as an encouraging sign that will lead the way towards the 7500 area and most probably towards fresh highs. As a result long term traders should have poured their investments with the upward break of 7120 to target 7500 and 8050 while medium term traders who bought at that level will target lower areas around 7200 and 7320. It is only the drop below 7000 that can expose weakness to the recently initiated medium term uptrend. Shorter term traders can monitor for a break above 7160 and try to reinstate some positions in order to join the rally.