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  • Writer's picturePeet Serfontein

Analyst Thoughts - Top 40 Medium-Term

TESTING CRUCIAL RESISTANCE AND TARGET LEVELS


  • General view: The maturing PK-defined correction, followed by a major bull trend to T2, remains valid. The timing of the bull trend is now crucial.

  • The expected gains off K has reached the cluster R1/P/Q* target area. The preferred and illustrated view remains for a bearish reversal off these levels to K.

  • An overbought RSI indicator confirms the view.

  • Note: Interim price action is important to assess the view.

  • A strong breach of Q, or moderate corrective downside to S0* will mean that the 1,2,3,4,5-bull trend is already forming.

  • A break of S0* will activate the phase C downside.


Target and Re-assessment levels:

Important Level/s: Q* and S0*

Primary Trend: Q*/K ranging, followed by a bull trend to T1

Prevailing Trend: Downside off Q* to S0*

Monthly Range: Q*/S0*

Technical Rating: Medium



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