TASI Technical Overview

TASI Technical Overview

Probable reversal.

The market was unable to sustain gains above 7180, and started declining after painting a new 52-week high at 7580, revealing weakness in the ongoing weekly trend. Hence long term traders shall remain cautious and wait to see whether the Bulls are strong enough to start a new attempt to cross that level before attempting to acquire any new positions. However, the short term has gained some strength lately and might witness some Bullish changes which can materialize with a decisive surge above 7180. Such move could be enough to encourage traders to activate some near-term positions. While the 7090 pivot can serve as prospective stop for new longs if and when activated.