TASI Technical Overview

TASI Technical Overview

Initial targets reached.

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 strength lately and witnessed major Bullish changes following the recent hike above 7180, which shifted the near-term trend to the upside. These developments should have attracted traders to accumulate longs in the direction of 7240 and 7320. And now since the market eased higher well above 7230, traders are advised to move their stop even higher towards that level in order to protect current gains from any surprising shift in momentum.