TASI Technical OverviewPosted on Tuesday, November 22 2016 at 5:25 am GMT+0000
Testing weekly top.
A clear break above the weekly top at 6875 will shift the long term outlook to bullish and raise confidence for an extended move targeting at least the 7800 level. With the recent pullback in the medium term, traders shall remain on the side monitoring for further break above the 6690 daily top that would signal the resumption of the medium term bullish bias, with targets outlined at 6850 and 7230 areas. In contrast, a break below the intraday bottom at 6350 will trigger further declines as the index searches deeper for a stronger support. Such situation would cancel any probable bullish scenarios in the short term, turning the near-term picture into negative.