Analyst Thoughts: Top 40 Medium-Term
THE VIEW IS RETAINED FOR A CONSOLIDATION BETWEEN 64 400 AND 72 800 WHICH IS HOLDING.
The illustrated outlook is retained in general.
Current cluster support around S1 and line Q* is an important medium-term juncture.
The preferred view is for a bullish reversal off Q* to R0 and R1*, followed by a R1*/S1 consolidation period, as highlighted.
An eventual impulsive bull trend should target R1 and higher. This will only occur on completion of the indicated range.
R1* and Q* are interim important levels.
Target and Re-assessment Levels:
Important Levels: Q* and R1*
Primary Trend and Target Levels: Gains off Q* to R1, as part of PQ ranging
Monthly Range: R1*/S1
Prevailing Trend and Target Levels: Gains towards R1
Technical Rating: Medium