TASI Technical OverviewPosted on Sunday, March 12 2017 at 5:33 am GMT+0000
Although the long term outlook remains Bullish, trend indicators point towards weakness in the uptrend. The daily breakout below the 6940 level has confirmed a Bearish reversal pattern and changed the medium term outlook to Bearish. That move canceled any potential Bullish scenarios as the index would be searching deeper for a stronger support to contain to downward pressures. And as a result traders of both the medium and short term shall remain out of the market, and wait to see a clear reversal before attempting to acquire any long positions.