ARABIAN BOURSES | TASI Technical Analysis ARABIAN BOURSES | ADI Technical Analysis
Strong Bearish Bias
The long term picture remains in a strong Downtrend, with momentum prevailing and reaching the December 2014 low. Momentum in the medium term has been restarted with the Bearish patterns below 4200, and accelerated downward pressure after breaching the 2015 December low of 3980. After reaching new lows in the short term, the market is consolidating with intraday pivot at 3920 providing the first level of resistance. “Long and medium term traders should remain outside of the market while Bearish scenarios continue to
develop. In the medium term the market continues strongly Bearish, with the break below 3980 has accelerated the decline, directing the index towards a new 52 week low. Bearish pressure is expected to continue in the medium term, having achieved first target of the Bearish Daily swing at 3800, an extended move is expected to continue towards second target, outlined at 3450. Only an immediate move above 3920 could postpone the decline in the short term, however stronger resistance can be found at the 4100 level. “
RECOMMENDATIONS: RECOMMENDATIONS:
Long term traders
Market strongly bearish - No Long positions
Medium term traders
Market strongly bearish - No Long positions
Short term traders
Market strongly bearish - No Long positions
SIGNIFICANT LEVELS:
S2 S1 3700
3400
R2 R1 4000
4200 *R-resistance; *S-support
Projection Level Projection Level
Retracement Level Retracement Level
INTRADAY PIVOT LEVELS:
R2 R1 3920
34
R3 R4
4040 4230
- *R-resistance; *S-support
Any opinions, news, research, analysis, prices, or other information contained in these reports or any other material provided by Tradepedia LLC. is provided as general market commentary and does not constitute investment advice or a solicitation to buy or sell. This info does not take into account your personal circumstances so please do not trade or invest based solely on this information.
www.wealth-monitor.com | February 2016
S2 S1
S3
3790 3720 3680
S4 3599
Source: Tradepedia: Data as on January 27, 2016
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60