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