Analyst thoughts: Top 40 Medium-term
VIEW RETAINED FOR AN ONGOING 66 450 TO 73 400 PRICE CONSOLIDATION
The general view of a P*Q* defined longer-term consolidation phase remains valid.
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 on completion of the P*/Q* pattern.
The interim view of an upward correction off S0 to R1 has materialised 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/Q
Technical Rating: Medium