TASI: Poor Technicals Suggest Further S-T Losses

The technical picture for Saudi Arabia's Tadawul All Share Index (TASI) does not look good following yesterday's penetration of medium term support at 9,000. The TASI has been trading in a diminishing range since February and yesterday's 4.3% move appears to be a significant breakout, which could presage further drops down to longer term support at around 8,000. In spite of a small bounce this morning we remain bearish.

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