(Traduction posible à l’aide de Yahoo Babelfish)

Long term: towards 2400 or lower

On a yearly basis, see the dynamic for – 8 and next…MY failed as a support. 2400 is our first target. Our stochastic is overbought. 2400 should fail as a support. Below 2 000, LY (641) will be our next objective.

On a quarterly basis, our 7 / 23 quarters moving averages crossover is a bearish A type (with a Q1 close below 3084). In 2002, the 7 / 23 crossover was a B type. Our MACD is overbought and no oversold status is expected within two periods. A nice dynamic is in progress with each Bollinger band. In Q1 of 2003, Bollinger bands had a lesser dynamic than now. The decline from UQ will be different from the 2000 one if UQ continue to increase during Q2.  2400 is our next target.

On a monthly basis; a bearish parallel pattern is in progress for some periods. With a new bearish non-crossover as a status for our stochastic, a collapse is not ruled out.

Idea: very bearish as long as monthly bearish parallel pattern is in progress.

R = MW (3043), PM (3706);   S = 2400, 2000, LY (639)

Medium term: technical recovery

On a weekly basis, the trend for our 7 / 23 weeks moving averages is down. The June 2008 parallel pattern is always in progress.

Idea: use bearish parallel rules (short as long as MW proves to be a resistance at the end of a week)

R = MW (3043);     S = MD (2680), LD (2519)

Short term: UD (2841) could be a resistance

On a daily basis, UD / LD spread is near its minimal level. With a close above UD; a technical recovery (not a bullish trend with the weekly trend) towards MW could develop. Otherwise; with a decline today and next week, and if MD (2680) = support, a bullish pre-parallel pattern could develop. Below MD, LD (2519) is our next objective.

Idea: wait the second week of April for a specific trend.

R = UD (2841), MW (3043);     S= MD (2680), LD (2519)

Conclusion: bearish on a monthly (and higher) time frame.