TASI Technical Overview

TASI Technical Overview

Testing 7550.

The long-term trend keeps on adding to its Bullish stance after it cleared its previous weekly cap after bouncing from the 6700 area. The strength of this upward wave is also manifested by the medium-term trend which is continuing its rise in a strong ascendant channel. Long term traders long from 7120, are joining their profits and will hold their positions towards 8200, whereas remaining medium term positions had been triggered out of the market following the recent pullback. However, with the retracement reaching a strong demand zone, short term market players should monitor closely the reaction of the market at the current levels to take advantage from any reversal sign and reposition their longs. In the absence of any Bullish reversal signs, a surge above 7700 should definitely act as a motive.