TASI Technical Overview

TASI Technical Overview

Testing previous weekly bottom.

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. They shall therefore wait for clear reversal signs above 6710 that can only be materialized with a strong daily reversal pattern, while bearing in mind that any drop below that level could significantly weaken the long term outlook and postpone any immediate Bullish scenarios.