TASI Technical OverviewPosted on Sunday, October 1 2017 at 5:25 am GMT+0000
In the Long term, the Saudi general Index is in a clear uptrend since December 2016 when it successfully completed a trend reversal pattern above 6875. While the daily bias remains neutral with a rangy technical picture, only a sustained rise above 7430 would strengthen the technical. Traders should be looking for an opportunity to enter the market with the break of the 7430 that would open the way for further gains targeting the 8000 and subsequently 8600 levels. At the same time, they shall bear in mind that a decisive move below 7080 would even lead for further losses extending by that long term corrective wave perhaps towards the 6750 previous low.