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  • Writer's picturePeet Serfontein

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



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