Analyst thoughts: Top 40 Medium-term
THE VIEW IS RETAINED FOR A BULLISH REVERSAL OFF THE TARGET SUPPORT
The general view of an ongoing PQ* correction remains valid. Further X,Y phases would complete the formation and eventually result in a re–re-emergence of the bull trend to T1 and T2.
The expected bullish reversal off Q is materialising and could be the initial phases of the bullish X wave to R2 and P.
R0* important resistance is currently being tested. A breach of this level will confirm the illustrated upside potential to P.
Q* remains the negation level for the general outlook.
Target and Re-assessment Levels:
Important Levels: Q* and R0*
Primary Trend and Target Levels: Gains off Q* to P, as part of PQ ranging
Monthly Range: R1/S1*
Prevailing Trend and Target Levels: Gains towards R1
Technical Rating: Medium