TASI Technical Overview

TASI Technical Overview

Probable reversal.

Although the long term outlook remains Bullish, trend indicators point towards weakness in the uptrend. Hence, long term traders shall remain neutral for the meantime, and wait to see a strong support confirmation before they can trust the prevailing uptrend. Moving to the short term, where the formation of an intraday bottom above 6710 has signaled towards possible scenarios with a further break above 6970 acting as a trigger towards an extended move targeting at least the 7050 level. While failure of the market to remain above the 6820 could cancel any probable Bullish developments and restore the near-term Bearish outlook.