TASI Technical Overview

TASI Technical Overview

Signs of support.

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. In the short term the 7220 level has gained some significance as the level that is containing the correction. Any further break below that level would cancel any immediate scenarios and place an emphasis on a further decline. While a confirmed move above 7270 will set the way for a further rally and allow for entry of long positions, where traders will aim to target the 7330 and 7390 levels.