Analyst thoughts: Top 40 Short-term
VIEW ADDITION: BEAR TREND EXTENSION TO 66750 SEEMS LIKELY
The general bearish stance from R3 to R0* has materialised, but a subsequent break below R0* requires some adjustment to the interim stance.
The break of R0* has neutralised any bullish potential off this level (perforated arrow).
Further downside targeting S1* is likely and could be followed by a meaningful bullish reversal.
The red arrows indicate the prevailing outcome until a more thorough analysis is made.
Note: Caution is advised, as the market is oversold around current levels (highlighted RSI). Bullish spikes through R0* are highly likely.