Analyst Thoughts - Top 40 Medium-term
THE VIEW IS RETAINED FOR GAINS OFF 63 700 AS PART OF A BASE BUILDING BETWEEN 63 800 AND 72 000.
Completion of the A,B,C,D,E bear phase at Q*, followed by gains to R1, seems to be materialising.
The current phase X downside is overlapping and corrective, suggesting an interim bottom around S2. Phase Y gains to R1/R2* could complete the W,X,Y pattern.
W, X, and Y gains are likely part of the highlighted medium-term R2*/S2* complex consolidation.
An eventual bull trend to T1 and beyond on completion of the consolidation remains valid.
A breach of R2* will extend the upside to P. A break of S2* will negate the illustrated view.
Target and Re-assessment Levels:
Important Levels: R2* and S2*
Primary Trend: WXY gains to R1, as part of R2*/S2* consolidation
Monthly Range: R0/S1
Current Trend and Target Levels: Gains off S1 to R0
Technical Rating: Medium