TASI Technical OverviewPosted on Sunday, March 5 2017 at 5:46 am GMT+0000
Daily reversal pattern.
Although the long term outlook remains Bullish, trend indicators point towards weakness in the uptrend. The daily breakout below the 6940 has confirmed a daily reversal pattern and changed the medium term outlook to Bearish. A further break below the 6920 will cancel any potential Bullish scenarios as the index will be searching deeper for a stronger support to contain to downward pressures. At the other hand, Short term traders shall treat any rally that stay limited below the 7050 as a corrective wave of the larger downtrend, that could be at any time resuming.