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Writer's picturePeet Serfontein

Analyst Thoughts - Top 40 Medium-Term

THE PRICE CONSOLIDATION SEEMS TO BE MATURING


  • General view: The long-held Qk consolidation remains valid. A bull trend to T2 and beyond should re–emerge on completion of the QK pattern.

  • Expected gains off K is approaching the highlighted target area from R1 to R and Q.

  • A bearish reversal off these levels should result in renewed phase C downside to at least K. A RSI oscillator confirms this view.

  • Note: The general outlook is self-evident, whilst the interim consolidation moves are more difficult to pinpoint.




Target and Re-assessment levels:

Important Level/s: 72100 and 65800

Primary Trend: 72100 to 65800 ranging, followed by a bullish trend to 82100

Prevailing Trend: 68100

Monthly Range: 72100/66100

Technical Rating: Medium



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