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  • Writer's picturePeet Serfontein

Analyst thoughts: Brent Medium-Term

ANTICIPATING A BULLISH PHASE THAT HAS NOW CONCLUDED.

  • The long-held view of a W,X,Y upside to T1 and T2 was completed around T1. The retained detailed illustration is self-explanatory.

  • The expected sharp reversal suggests further ABC-type downside to S1 and S2*, where a medium-term bottom can occur.

  • The longer-term outlook favours A R1*/S2 consolidation that should contain market action, as highlighted.

  • The current bear phase is still in an early stage of development and thus of medium to low conviction. New price action will clarify probable outcomes.

Target and re-assessment levels

View negated: R1*/S2*

Primary trend: R1*/S2* consolidation

Prevailing trend: Downside to S1 and S2*

Technical rating: Medium to low


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