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  • Writer's picturePeet Serfontein

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



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