TASI Technical Overview

TASI Technical Overview

Momentum building up.

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. The subsequent sequence of higher tops and bottoms on the weekly charts reinforces the upward move. The recent medium-term correction that started in July 2017 appears to have finished and the market is poised for another test of the 7590-weekly high. Long term traders should be looking for an opportunity to enter the market before or with a break of the high of 7590 that would open the way for further gains targeting the 8000 and subsequently 8600 levels.