The Tadawul All Share TASI Index has remained stalled at 11,159.50 resistance, but still points higher

list Sep 17, 2014 | Views 329

For the past several weeks volatility in the TASI has declined noticeably as the index continues to press up against resistance at 11,159.50, the most recent peak, a greater six and-a-half year high. Weekly support is at 10,734.80.

If the TASI can stay above that support level the potential to continue higher in the near-term remains. But, first the index needs to close above the recent peak on a daily basis. The next target would then be 11,738.7. On a weekly basis the Relative Strength Index (RSI) is showing an overbought condition, a sign for possible weakness before a move into new highs, if it is to come.


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