TASI Technical OverviewPosted on Sunday, May 21 2017 at 5:03 am GMT+0000
Bullish in the short term.
Primary trending characteristics continues to be weak; therefore a confirmation of a support is needed before validating the next weekly buying signal. And although the recent Bullish reaction has shown first signs of weakness in the medium term Bearish bias, traders are advised to remain neutral for the meantime. Focus turns now towards the short term scenarios where a new Bullish trend is on the play after the market managed to successfully break above the previous intraday top at 6940 opening by that the way for further gains in the direction of 6990. Although that move is regarded as positive, traders shall bear in mind that any drop below the 6850 will challenge the short term structure.