TASI Technical OverviewPosted on Sunday, December 17 2017 at 6:57 am GMT+0000
Trending characteristics remaining weak.
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. However, the completion of an intraday Bearish pattern below 7090 triggered an exit of the medium term positions activated at 7120. Only a sustained rise above 7160 can develop stronger upside momentum and allow for renewed medium term positions. Any drop below 7000 will postpone any probable medium term positions and open the way for further retracement.