Analyst Thoughts - Top 40 Medium-Term

VIEW RETAINED: ENGAGING AT PIVOTAL TRADING LEVELS.

• The overall view of the downside off L* to M** has materialised and the general view is retained.

• The index is testing pivotal N/M* cluster support.

• However, some alternatives might be possible:

• M* is the pivotal level and R0* is the upside activation.

Target and Re-assessment Levels:

Important Levels: M* and R0

Primary Trend: Bear trend to S3, followed by impulsive gains to R2 and beyond.

Prevailing Trend: R0*/M* ranging

Monthly Range: R0/S1

Technical Rating: Medium

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