TASI Technical OverviewPosted on Sunday, February 5 2017 at 5:38 am GMT+0000
Testing pivot at 7070.
The recent long term move above the previous weekly top at 6900 shifted the weekly overview to Bullish raising expectation in the market’s ability to continue its rally targeting at least the 7800 level and a break above that could move the battle even higher towards the 9410 barrier. While the medium term move above the 7020 increased the likelihood that the last pullback was just a corrective phase and that the medium term Bullish bias could now be resuming. At the other hand, any break below the 7070 level will prompt an immediate exit from the recently activated medium term longs as it could confirm extended declines. Such move would cancel any short term Bullish scenarios, turning the short term picture into Bearish.