TASI Technical Overview

TASI Technical Overview

Testing 6990.

Although the weekly charts continue to reveal a Bullish trend, the current correction extended lower and is now testing the previous weekly bottom. Hence long term traders continue to remain neutral while waiting to see whether that level will be strong enough to contain downwards pressure. A daily reversal above 7040 is regarded as a positive sign that will lead the way towards previous highs. While at the narrower side, a move above 6990 will act as a motive for short term traders who are still out of the market. That move will shift the short term outlook to Bullish and increase the odds for a retest of 7040 whereas any drop below 6900 would bring further weakness and bring a retest of the 6800 level, below which the medium term Bearish picture would be restored.