TASI Technical Overview

TASI Technical Overview

Signs of support.

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 medium term is not representing any trending characteristics at the present time, only a decisive breach above 7440 would indicate towards further growth in the market and act as entry for both the long and medium term, since it would signal the end of a long term correction. The 7190 support continue to be significant in the medium term, any break through that level will cancel any Bullish scenarios and place emphasis on a further dip. Moving to the short term scenarios, a sustained rise above higher-end of the current range of 7330 would initiate an extended rally targeting 7330 and 7390.