Analyst Thoughts: Top 40 Medium-term
THE VIEW IS RETAINED FOR A PROTRACTED CONSOLIDATION BETWEEN 72 800 AND 65 100.
The expected upside off Q*/S1 and into the previous bottoms at R0 confirms the medium-term view and ongoing P*Q* defined consolidation.
A number of alternative corrective outcomes are possible within the bolt red arrow R1/S1 area.
An eventual impulsive bull trend should target R1 and higher. This will only occur on completion of the current range.
R1 and S1 are interim important levels.
Q* remains the negation level for the medium-term consolidation and bull trend outlook.
Target and Re-assessment Levels:
Important Levels: Q* and P*
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