Economy / Saudi Arabia
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TASI: Poor Technicals Suggest Further S-T Losses
July 2008 | Market StrategySorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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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.