THE PRICE CONSOLIDATION SEEMS TO BE MATURING
General view: The long-held Qk consolidation remains valid. A bull trend to T2 and beyond should re–emerge on completion of the QK pattern.
Expected gains off K is approaching the highlighted target area from R1 to R and Q.
A bearish reversal off these levels should result in renewed phase C downside to at least K. A RSI oscillator confirms this view.
Note: The general outlook is self-evident, whilst the interim consolidation moves are more difficult to pinpoint.
Target and Re-assessment levels:
Important Level/s: 72100 and 65800
Primary Trend: 72100 to 65800 ranging, followed by a bullish trend to 82100
Prevailing Trend: 68100
Monthly Range: 72100/66100
Technical Rating: Medium