TASI Technical OverviewPosted on Monday, January 29 2018 at 10:56 pm GMT+0000
The long-term trend keeps on adding to its Bullish stance after it initiated an attempt to clear its previous weekly cap and pave the way for further advancement. The strong sentiment is mirrored by the rising sequence of weekly tops and bottoms. The strength of this upward wave is also manifested by the medium-term trend which is continuing its rise. Now since the market reached the 7500 level marked as the initial target of the long term positions activated at 7120, traders were allowed for a partial profit taking and will now be waiting for the market to reach their targets at 8200. At the narrower side, the recent medium term correction found a strong demand zone at 7470 and signaled the resumption higher after rising above 7510. Furthermore, the recent move above 7560 opened scope for further advancements. Traders of the medium should already be long form 7510 aiming to target the 7620 and 7700 levels. Only a drop back below 7470 can weaken the current structure and push them to liquidate those positions.