Analyst Thoughts - Top 40 Medium-Term

THE PERSISTENT VIEW MAINTAINED DURING AN ONGOING CONSOLIDATION IN THE PRICE ACTION.

• General view: Ongoing consolidation within the PM price range should eventually result in a bull trend to T2, as illustrated.

• Interim:

  • The preferred outlook is for A,B,C gains, followed by W,X,Y downside.

  • Current phase B is expected to continue over the immediate future within the R0*/S1* parameters.

  • R0* will confirm Phase C upside and S1* will extend downside to S2 and M.

• Execution: Contrarian trading at extended levels.

Target and Re-assessment Levels:

Important Levels: R0* and S1*

Primary Trend: ABC bull phase to P, followed by WXY downside to M

Prevailing Trend: R0*/S1* consolidation

Monthly Range: R0*/S1*

Technical Rating: Speculative on interim detail

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