Current price: 10430
Key point: 10540
Our preferred direction: sell positions below 10540 levels, targeting 10160 as the first target, then 9930 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 10590 level, targeting 10810 levels
Technical commentary
The TASI index is moving in a downward direction on the daily time frame from the peak of last July until it broke the pivotal support levels 10540-10590 below the downtrend line.
The index rose at the end of last week's trading to retest the aforementioned support levels that turned into resistance levels and fell from them
Therefore, it is expected that the index will continue to decline and reach levels of 10160, which correspond to the Harmonic BAT pattern with an 88% Fibonacci retracement rate.
