TASI Technical Overview

TASI Technical Overview

Eyeing a retest of 7700.

No major developments are being felt in the long term trend and the picture remains obviously Bullish. Long term traders long from 7120, are still joining their profits after the market reached their initial targets and will hold their positions long as the medium term uptrend remains intact. On the daily timeframe, after a period of weakness, momentum built up driving the share above 7550. That move is regarded as a positive sign that will lead the way towards previous highs and most probably towards fresh levels. Medium term traders who decided to take advantage from that move should aim to target the 7700 and 7910 levels, with a clear stop loss below 7340, below which scope for further declines will be increased.