Finding Support

Igor Manukhov - Jun 23, 2023

The market is taking a breather. 4200 – 4300 points looks like a good support. Take advantage of the weakness.

The market pulled back a bit this week after a pretty impressive run. Expectations are still pretty positive for the medium term. I do not expect a major selloff at this time. It appears that there will be a lot of price support (more buyers will come to the market) at around 4200 – 4300 points (marked in red).

I would use this pause to put funds to work. Some investment firms, including BMO have raised their end of the year target prices to about 4500. While I do not expect a straight line rise, this price target upgrade is encouraging.