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  • Writer's picturePeet Serfontein

Analyst Thoughts - Top 40 Medium-Term

THE PRICE ACTION SETTING THE STAGE FOR AN UPCOMING BULLISH TREND?


  • General Outlook: The significant R*S flag pattern correction is nearing its completion, poised to transition into a long-term bullish trend towards Target 1 (T1).

  • Short-Term Analysis: The MN* price action represents an ongoing, intricate phase of consolidation, offering a range of possible outcomes within its parameters.

  • Medium-Term Forecast: A peak around the designated area (R*/S) is expected to lead into the last phase of a bearish trend towards Support Level 3 (S3/S), concluding the PQ flag pattern.

  • Conviction Level: The overall confidence in the medium-term outlook is moderate, with short-term predictions being more uncertain.




Target and Re-assessment levels:

Important Level/s: 69500 and 65800

Primary Trend: Bear phase off 69000 to 63 700, which is then followed by a bull trend to 75 000.

Prevailing Trend: Downside off 69000/69500 towards 65800

Monthly Range: 65 800/68 800

Technical Rating: Medium



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