TASI Technical Overview

TASI Technical Overview

Found solid ground.

No major developments are being felt in the long term trend and the picture remains obviously Bullish. Long term traders long from 7120, are still joining their profits after the market reached their initial targets and will hold their positions towards 8200. However in the medium term, although the extended correction reaching below 7470 exposed some weakness to the prevailing Bullish structure, prices still endorses the sharp upward movement after the significant set of consecutive winning weeks. Those positive sentiments are evidenced by the short term reversal activated with the recent break above 7450. With the market reaching initial targets at 7490, traders who liquidated partial positions are now advised to trail stops higher to protect current gains from any surprising shift in momentum.