TASI Technical Overview

TASI Technical Overview

Warrying signals.

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, the formation of a daily top below 7710 has placed the prevailing Bullish structure under threat, and now any drop below 7300 will signal a daily reversal formation that changes the outlook to Bearish and trigger an exit of the remaining long term positions. Only a rise back above 7550 can shift our focus back to the upside for a move towards previous highs, and allow for new medium term positions.