Technical Update: Bullish outlook For The Tadawul All Share Index (TASI) – Saudi Stock Exchange
The TASI rallied 368.78 or 3.99% Sunday to close at 9,619.97, putting it only 1.3% below its 2015 high of 9,745.2. Volume spiked to the highest level since May 19, 2014, and the index advanced well above its 200-day exponential moving average - and closed above it for the first time since mid-March.
Technical highlights:
- Rally above 9,745.2 March peak triggers a bullish trend continuation, and then
- Enters a resistance zone up to approximately 8,188.2 (prior peak from June 2014)
- Higher levels to watch for resistance include:
- 10,101.1: 127.2% Fibonacci extension of the 12.8% March decline
- 10,358.9: prior peak from late-October 2014
- 11,016.3: Rising Measured Move or AB=CD pattern completes at 11,016.3 (point D)
- 14-Day Relative Strength Index (RSI) is not yet overbought