ARABIAN BOURSES | TASI Technical Analysis
Testing 5300 Support
The long term outlook remains strongly Bearish with the market reaching first target of the weekly reversal pattern at 5600. Following the medium term breakout from the 6920 level in November 2014, the market is reaching second outlined target at the 5300 support level, while trend characteristics continue to be in an oversold state. A pause in the decline is taking place is the short term, forming a sideways consolidation with first level of defense outlined at the 5835. “Extended Bearish pressure in the medium term is signaling the intentions of the Index to continue to lower levels, where Medium term reversal patterns would be
needed before ruling out a further decline. The breakout of the 6670 December low has reached outlined target levels, coinciding with a clustering of previous Fibonacci target areas, indicating strength in the current support level to provide an upwards correction. While the Index remains below 5835, an immediate downwards continuation to new lows is expected. However an immediate break above the 5835 level could allow for an upwards reaction and short term positions. Despite the scenarios of a reaction in the short term, downwards pressure is expected to then restart and continue in the medium term. “
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 5310
5000
36
R2 R1 5930
*R-resistance; *S-support 6290
Daily Swing Target Projection level
Retracement Level Previous Top
INTRADAY PIVOT LEVELS:
R2 R1 5830
R3 R4
6060 6420 6815
*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 S4
5520 5340 5290 -
Source: Tradepedia: Data as on January 27, 2016
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