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  • Writer's picturePeet Serfontein

Analyst thoughts: Top 40 - Medium-Term

VIEW RETAINED FOR A 68 600 TO 73 300 PRICE PROBABILITIES

  • The illustrated view of a PQ consolidation, followed by the return of the primary bull trend to T1, is retained.

  • The overall PQ PATTERN is maturing with phase D completed. Any break of R1* will activate the bull trend.

  • Phase E is illustrated as downside to Q and S0. This theoretical outcome is not always the case with final subdivisions in a triangle pattern.

  • Alternatives: E can either be small in comparison to the other legs with moderate downside or alternatively large to Q. This is due to trending market forces being re-established.

Target and re-assessment levels

Important Levels: S1* and R1*

Primary trend and targets: PQ ranging, followed by gains to T1*

Prevailing trend and targets: R1* SM ranging

Monthly range: R1/S0

Technical rating: Medium


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