Thus, projecting a target of 21,000 by December 2023 as it is price parity of the June-December 2022 rally (15,183-18,887) projected from March 2023 low of 16,828. "The seasonality pattern gels well with our price structure model and classical chart pattern projection of 20,700-21,000 in CY23. Meanwhile, strong support is placed at 18,700," the report said.