Analyst thoughts: Top 40 Medium-term
VIEW RETAINED: ONGOING 66500 to 73800 CONSOLIDATION PRICE ACTION
The general view of a P*Q* defined protracted consolidation phase remains valid and has been confirmed by recent price action
The current downside should target Q*, as part of the ongoing range trading (A,B,C,D,E). An eventual bull trend to T1 and T2 remains preferred.
The interim view of an upward correction from S0 is materialising and most likely still part of the phase C downside to Q and S1.
The pivotal level for the illustrated bullish bias is at Q*, while a break of P* will activate the gains to T2.
Target and Re-assessment Levels:
Important Levels: P* and Q*
Primary Trend and Target Levels: P*/Q* ranging, followed by gains to T1 and T2.
Monthly Range: R1/S0 consolidation
Prevailing Trend and Target Levels: R1/S1
Technical Rating: Medium