Analyst thoughts: Top 40 Medium-term

VIEW RETAINED FOR A BULL TREND TO 78 800.

• The illustrated view of a PQ consolidation, followed by the return of the primary bull trend to T1/T2 , seems to be materialising.

• The overall PQ pattern seems complete after the impulsive upside off S2/Q and the subsequent break of P/S0.

• It is likely for ranging price action to occur between R0 and S1* before further upside can develop.

• The important pivotal level for the bullish outlook can now be lifted to S1*

Target and Re-assessment Levels:

Important Levels: S1*

Primary Trend and Target Levels: R0/S1* ranging, followed by gains to T1 and T2

Monthly Range: R1/S1*

Prevailing Trend and Target Levels: Downside off R0 to S0

Technical Rating: Medium

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