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  • Writer's picturePeet Serfontein

Analyst Thoughts: Top 40 Medium-Term

THE VIEW IS RETAINED FOR GAINS OFF 63 900 AS PART OF A BASE BUILDING BETWEEN 65 200 AND 70 000.

  • The expected completion of the W,X,Y downside at Q*, followed by gains to R1, is materialising.

  • Current gains should reverse around R2*/R1 to activate a bearish leg towards S1*.

  • This downside could reach S1*, or reverse somewhere short. Developing price action should give more insight into the downward potential.

  • An eventual bull trend to T1 and beyond on completing the complex PQ correction remains valid.

  • A breach of R2* will extend the upside to P. A break of S1* will negate the general bullish bias.

Target and Re-assessment Levels:

Important Levels: R2* and S1*

Primary Trend and Target Levels: Gains off Q* to R1, as part of R2*/S1* consolidation

Monthly Range: S0/Q

Prevailing Trend and Target Levels: Gains to R0

Technical Rating: Medium



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