TASI Technical OverviewPosted on Tuesday, May 2 2017 at 4:39 am GMT+0000
Shift into Bullish momentum.
With the long term continuing to represent weak Bullish outlooks for now, trading scenarios are expected to remain on hold until the weekly timeframe can develop stronger trending characteristics. While the recent break above the 7020 intraday pivot has set the way for a further rally and attracted short term traders to accumulate long positions in the direction of 7090 and 7210. That breakout acted at the same time as trigger for medium term scenarios, as it confirmed the strength of the daily bottom formed at 6880. At the present time that daily bottom is acting as the last defense of the medium term Bullish structure.