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. In the short term, initial targets for long positions activated at 7260 have been reached allowing for a partial profit taking and a trail of Stop orders to previous entry level.